Morgan Stanley (MS) 10-K 21 Feb 25 2024 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2024	Jan. 31, 2025	Jun. 30, 2024
Document Information [Line Items]
Document Type	10-K
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Entity File Number	1-11758
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	1585 Broadway
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
Entity Tax Identification Number	36-3145972
City Area Code	(212)
Local Phone Number	761-4000
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 151,625,027,283
Entity Common Stock, Shares Outstanding		1,612,855,585
Documents Incorporated by Reference	Portions of the Registrant’s definitive proxy statement for its 2025 annual meeting of shareholders are incorporated by reference in Part III of this Form 10-K.
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Registrant Name	MORGAN STANLEY
Entity Central Index Key	0000895421
Document Annual Report	true
Document Transition Report	false
Common Stock, $0.01 par value
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	MS
Security Exchange Name	NYSE
Non-Cumulative Preferred Stock, Series A, $0.01 par value
Document Information [Line Items]
Title of 12(b) Security	Non-Cumulative Preferred Stock, Series A, $0.01 par value
Trading Symbol	MS/PA
Security Exchange Name	NYSE
Non-Cumulative Preferred Stock, Series E, $0.01 par value
Document Information [Line Items]
Title of 12(b) Security	Non-Cumulative Preferred Stock, Series E, $0.01 par value
Trading Symbol	MS/PE
Security Exchange Name	NYSE
Non-Cumulative Preferred Stock, Series F, $0.01 par value
Document Information [Line Items]
Title of 12(b) Security	Non-Cumulative Preferred Stock, Series F, $0.01 par value
Trading Symbol	MS/PF
Security Exchange Name	NYSE
Non-Cumulative Preferred Stock, Series I, $0.01 par value
Document Information [Line Items]
Title of 12(b) Security	Non-Cumulative Preferred Stock, Series I, $0.01 par value
Trading Symbol	MS/PI
Security Exchange Name	NYSE
Non-Cumulative Preferred Stock, Series K, $0.01 par value
Document Information [Line Items]
Title of 12(b) Security	Non-Cumulative Preferred Stock, Series K, $0.01 par value
Trading Symbol	MS/PK
Security Exchange Name	NYSE
Non-Cumulative Preferred Stock, Series L, $0.01 par value
Document Information [Line Items]
Title of 12(b) Security	Non-Cumulative Preferred Stock, Series L, $0.01 par value
Trading Symbol	MS/PL
Security Exchange Name	NYSE
Non-Cumulative Preferred Stock, Series O, $0.01 par value
Document Information [Line Items]
Title of 12(b) Security	Non-Cumulative Preferred Stock, Series O, $0.01 par value
Trading Symbol	MS/PO
Security Exchange Name	NYSE
Non-Cumulative Preferred Stock, Series P, $0.01 par value
Document Information [Line Items]
Title of 12(b) Security	Non-Cumulative Preferred Stock, Series P, $0.01 par value
Trading Symbol	MS/PP
Security Exchange Name	NYSE
Non-Cumulative Preferred Stock, Series Q, $0.01 par value
Document Information [Line Items]
Title of 12(b) Security	Non-Cumulative Preferred Stock, Series Q, $0.01 par value
Trading Symbol	MS/PQ
Security Exchange Name	NYSE
Global Medium-Term Notes, Series A, Fixed Rate Step-Up Senior Notes Due 2026
Document Information [Line Items]
Title of 12(b) Security	Global Medium-Term Notes, Series A, Fixed Rate Step-Up Senior Notes Due 2026
Trading Symbol	MS/26C
Security Exchange Name	NYSE
Global Medium-Term Notes, Series A, Floating Rate Notes Due 2029
Document Information [Line Items]
Title of 12(b) Security	Global Medium-Term Notes, Series A, Floating Rate Notes Due 2029
Trading Symbol	MS/29
Security Exchange Name	NYSE

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Auditor Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	New York, New York
Auditor Firm ID	34

Consolidated Income Statement

Consolidated Income Statement - USD ($) shares in Millions, $ in Millions		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues
Investment banking		$ 6,705	$ 4,948	$ 5,599
Trading		16,763	15,263	13,928
Investments		824	573	15
Commissions and fees		5,094	4,537	4,938
Asset management		22,499	19,617	19,578
Other		1,265	975	283
Total non-interest revenues		53,150	45,913	44,341
Interest income	[1]	54,135	45,849	21,595
Interest expense	[1]	45,524	37,619	12,268
Net interest		8,611	8,230	9,327
Net revenues		61,761	54,143	53,668
Provision for credit losses		264	532	280
Non-interest expenses
Compensation and benefits		26,178	24,558	23,053
Brokerage, clearing and exchange fees		4,140	3,476	3,458
Information processing and communications		4,088	3,775	3,493
Professional services		2,901	3,058	3,070
Occupancy and equipment		1,905	1,895	1,729
Marketing and business development		965	898	905
Other		3,724	4,138	3,591
Total non-interest expenses		43,901	41,798	39,299
Income before provision for income taxes		17,596	11,813	14,089
Provision for income taxes		4,067	2,583	2,910
Net income		13,529	9,230	11,179
Net income applicable to noncontrolling interests		139	143	150
Net income applicable to Morgan Stanley		13,390	9,087	11,029
Preferred stock dividends		590	557	489
Earnings applicable to Morgan Stanley common shareholders		$ 12,800	$ 8,530	$ 10,540
Earnings per common share
Earnings per common share - basic (in dollars per share)		$ 8.04	$ 5.24	$ 6.23
Earnings per common share - diluted (in dollars per share)		$ 7.95	$ 5.18	$ 6.15
Average common shares outstanding
Basic (in shares)		1,591	1,628	1,691
Diluted (in shares)		1,611	1,646	1,713
[1]amounts have been adjusted to conform with the current period presentation. See Note 2 for additional information.

Consolidated Comprehensive Inco

Consolidated Comprehensive Income Statement - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 13,529	$ 9,230	$ 11,179
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(422)	(20)	(337)
Change in net unrealized gains (losses) on available-for-sale securities	521	1,098	(4,437)
Pension and other	12	(87)	43
Change in net debt valuation adjustment	(534)	(1,290)	1,502
Net change in cash flow hedges	(51)	20	(4)
Total other comprehensive income (loss)	(474)	(279)	(3,233)
Comprehensive income	13,055	8,951	7,946
Net income applicable to noncontrolling interests	139	143	150
Other comprehensive income (loss) applicable to noncontrolling interests	(81)	(111)	(82)
Comprehensive income applicable to Morgan Stanley	$ 12,997	$ 8,919	$ 7,878

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 105,386	$ 89,232
Trading assets at fair value ($148,945 and $162,698 were pledged to various parties)	331,884	367,074
Investment securities:
Available-for-sale at fair value (amortized cost of $101,960 and $92,149)	98,608	88,113
Held-to-maturity (fair value of $51,203 and $57,453)	61,071	66,694
Securities purchased under agreements to resell (includes $— and $7 at fair value)	118,565	110,740
Securities borrowed	123,859	121,091
Customer and other receivables	86,158	80,105
Loans:
Held for investment (net of allowance for credit losses of $1,066 and $1,169)	225,834	203,385
Held for sale	12,319	15,255
Goodwill	16,706	16,707
Intangible assets (net of accumulated amortization of $5,445 and $4,847)	6,453	7,055
Other assets	28,228	28,242
Total assets	1,215,071	1,193,693
Liabilities
Deposits (includes $6,499 and $6,472 at fair value)	376,007	351,804
Trading liabilities at fair value	153,764	151,513
Securities sold under agreements to repurchase (includes $956 and $1,020 at fair value)	50,067	62,651
Securities loaned	15,226	15,057
Other secured financings (includes $14,088 and $9,899 at fair value)	21,602	12,655
Customer and other payables	175,938	208,148
Other liabilities and accrued expenses	28,220	28,151
Borrowings (includes $103,332 and $93,900 at fair value)	288,819	263,732
Total liabilities	1,109,643	1,093,711
Commitments and contingent liabilities (see Note 14)
Equity
Preferred stock	9,750	8,750
Common stock	20	20
Additional paid-in capital	30,179	29,832
Retained earnings	104,989	97,996
Employee stock trusts	5,103	5,314
Accumulated other comprehensive income (loss)	(6,814)	(6,421)
Common stock held in treasury at cost, $0.01 par value (432,240,273 and 412,065,542 shares)	(33,613)	(31,139)
Common stock issued to employee stock trusts	(5,103)	(5,314)
Total Morgan Stanley shareholders’ equity	104,511	99,038
Noncontrolling interests	917	944
Total equity	105,428	99,982
Total liabilities and equity	$ 1,215,071	$ 1,193,693

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Assets
Trading assets pledged to various parties	$ 148,945	$ 162,698
Amortized cost	101,960	92,149
Held-to-maturity, fair value	51,203	57,453
Securities purchased under agreements to resell	0	7
Credit losses	1,066	1,169
Intangible assets, accumulated amortization	5,445	4,847
Liabilities
Deposits at fair value	6,499	6,472
Securities sold under agreements to repurchase at fair value	956	1,020
Other secured financings at fair value	14,088	9,899
Borrowings at fair value	$ 103,332	$ 93,900
Equity
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	3,500,000,000	3,500,000,000
Common stock issued (in shares)	2,038,893,979	2,038,893,979
Common stock outstanding (in shares)	1,606,653,706	1,626,828,437
Treasury stock (in shares)	432,240,273	412,065,542

Consolidated Statement of Chang

Consolidated Statement of Changes in Total Equity - USD ($) $ in Millions	Total	Preferred stock	Common stock	Additional paid-in capital	Retained earnings		Retained earnings Adjustment	[1]	Employee stock trusts	Accumulated other comprehensive income (loss)	Common stock held in treasury at cost	Common stock issued to employee stock trusts	Noncontrolling interests
Beginning balance at Dec. 31, 2021		$ 7,750	$ 20	$ 28,841	$ 89,432		$ 0		$ 3,955	$ (3,102)	$ (17,500)	$ (3,955)	$ 1,157
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based award activity				503					926		1,794	(926)
Issuance of preferred stock		1,000		(6)
Other net increases (decreases)				1	(2)								(135)
Net income applicable to Morgan Stanley	$ 11,029				11,029
Preferred stock dividends	(489)				(489)	[2]
Common stock dividends	(5,108)				(5,108)	[2]
Net change in Accumulated other comprehensive income (loss)	(3,233)									(3,151)			(82)
Repurchases of common stock and employee tax withholdings											(10,871)
Net income applicable to noncontrolling interests	(150)												150
Ending balance at Dec. 31, 2022	101,231	8,750	20	29,339	94,862		0		4,881	(6,253)	(26,577)	(4,881)	1,090
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based award activity				493					433		1,654	(433)
Issuance of preferred stock		0		0
Other net increases (decreases)				0	(3)								(178)
Net income applicable to Morgan Stanley	9,087				9,087
Preferred stock dividends	(557)				(557)	[2]
Common stock dividends	(5,393)				(5,393)	[2]
Net change in Accumulated other comprehensive income (loss)	(279)									(168)			(111)
Repurchases of common stock and employee tax withholdings											(6,216)
Net income applicable to noncontrolling interests	(143)												143
Ending balance at Dec. 31, 2023	99,982	8,750	20	29,832	97,996				5,314	(6,421)	(31,139)	(5,314)	944
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based award activity				352					(211)		1,704	211
Issuance of preferred stock		1,000		(5)
Other net increases (decreases)				0	(2)								(85)
Net income applicable to Morgan Stanley	13,390				13,390
Preferred stock dividends	(590)				(590)	[2]
Common stock dividends	(5,745)				(5,745)	[2]
Net change in Accumulated other comprehensive income (loss)	(474)									(393)			(81)
Repurchases of common stock and employee tax withholdings											(4,178)
Net income applicable to noncontrolling interests	(139)												139
Ending balance at Dec. 31, 2024	$ 105,428	$ 9,750	$ 20	$ 30,179	$ 104,989		$ (60)		$ 5,103	$ (6,814)	$ (33,613)	$ (5,103)	$ 917
[1] The Firm adopted the Investments - Tax Credit Structures accounting standard update on January 1, 2024. Refer to Note 2 for further information. See Note 17 for information regarding dividends per share for each class of stock.

Consolidated Cash Flow Statemen

Consolidated Cash Flow Statement - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net income	$ 13,529	$ 9,230	$ 11,179
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Deferred income taxes	152	(463)	(849)
Stock-based compensation expense	1,622	1,709	1,875
Depreciation and amortization	5,161	4,256	3,998
Provision for credit losses	264	532	280
Other operating adjustments	4	308	618
Changes in assets and liabilities:
Trading assets, net of Trading liabilities	34,496	(61,026)	(39,422)
Securities borrowed	(2,768)	12,283	(3,661)
Securities loaned	169	(622)	3,380
Customer and other receivables and other assets	(5,308)	602	14,664
Customer and other payables and other liabilities	(25,550)	(3,629)	(4,897)
Securities purchased under agreements to resell	(7,825)	3,167	6,092
Securities sold under agreements to repurchase	(12,584)	117	346
Net cash provided by (used for) operating activities	1,362	(33,536)	(6,397)
Proceeds from (payments for):
Other assets—Premises, equipment and software	(3,462)	(3,412)	(3,078)
Changes in loans, net	(22,618)	(4,059)	(23,652)
AFS securities:
Purchases	(35,327)	(23,078)	(24,602)
Proceeds from sales	5,728	5,929	22,014
Proceeds from paydowns and maturities	21,089	14,316	13,435
HTM securities:
Purchases	(3,860)	0	(5,231)
Proceeds from paydowns and maturities	10,475	8,143	9,829
Other investing activities	(1,485)	(923)	(347)
Net cash provided by (used for) investing activities	(29,460)	(3,084)	(11,632)
Net proceeds from (payments for):
Other secured financings	4,358	796	(884)
Deposits	23,955	(5,075)	1,659
Issuance of preferred stock, net of issuance costs	995	0	994
Proceeds from issuance of Borrowings	108,365	78,424	72,460
Payments for:
Borrowings	(80,230)	(64,805)	(34,898)
Repurchases of common stock and employee tax withholdings	(4,199)	(6,178)	(10,871)
Cash dividends	(6,138)	(5,763)	(5,401)
Other financing activities	(350)	(125)	(345)
Net cash provided by (used for) financing activities	46,756	(2,726)	22,714
Effect of exchange rate changes on cash and cash equivalents	(2,504)	451	(4,283)
Net increase (decrease) in cash and cash equivalents	16,154	(38,895)	402
Cash and cash equivalents, at beginning of period	89,232	128,127	127,725
Cash and cash equivalents, at end of period	105,386	89,232	128,127
Supplemental Disclosure of Cash Flow Information
Cash payments for interest	46,359	41,940	9,819
Cash payments for income taxes, net of refunds	$ 1,885	$ 2,035	$ 4,147

Introduction and Basis of Prese

Introduction and Basis of Presentation	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Introduction and Basis of Presentation	Introduction and Basis of Presentation The Firm Morgan Stanley is a global financial services firm that maintains significant market positions in each of its business segments—Institutional Securities, Wealth Management and Investment Management. Morgan Stanley, through its subsidiaries and affiliates, provides a wide variety of products and services to a large and diversified group of clients and customers, including corporations, governments, financial institutions and individuals. Unless the context otherwise requires, the terms “Morgan Stanley” or the “Firm” mean Morgan Stanley (the “Parent Company”) together with its consolidated subsidiaries. See the “Glossary of Common Terms and Acronyms” for the definition of certain terms and acronyms used throughout this Form 10-K. A description of the clients and principal products and services of each of the Firm’s business segments is as follows: Institutional Securities provides a variety of products and services to corporations, governments, financial institutions and ultra-high net worth clients. Investment Banking services consist of capital raising and financial advisory services, including the underwriting of debt, equity securities and other products, as well as advice on mergers and acquisitions, restructurings and project finance. Our Equity and Fixed Income businesses include sales, financing, prime brokerage, market-making, Asia wealth management services and certain business-related investments. Lending activities include originating corporate loans and commercial real estate loans, providing secured lending facilities, and extending securities-based and other financing to clients. Other activities include research. Wealth Management provides a comprehensive array of financial services and solutions to individual investors and small to medium-sized businesses and institutions. Wealth Management covers: financial advisor-led brokerage, custody, administrative and investment advisory services; self-directed brokerage services; financial and wealth planning services; workplace services, including stock plan administration; securities-based lending, residential and commercial real estate loans and other lending products; banking; and retirement plan services. Investment Management provides a broad range of investment strategies and products that span geographies, asset classes, and public and private markets to a diverse group of clients across institutional and intermediary channels. Strategies and products, which are offered through a variety of investment vehicles, include equity, fixed income, alternatives and solutions, and liquidity and overlay services. Institutional clients include defined benefit/defined contribution plans, foundations, endowments, government entities, sovereign wealth funds, insurance companies, third-party fund sponsors and corporations. Individual clients are generally served through intermediaries, including affiliated and non-affiliated distributors. Basis of Financial Information The financial statements are prepared in accordance with U.S. GAAP, which requires the Firm to make estimates and assumptions regarding the valuations of certain financial instruments, the valuations of goodwill and intangible assets, the outcome of legal and tax matters, deferred tax assets, ACL, and other matters that affect its financial statements and related disclosures. The Firm believes that the estimates utilized in the preparation of its financial statements are prudent and reasonable. Actual results could differ materially from these estimates. The Notes are an integral part of the Firm’s financial statements. The Firm has evaluated subsequent events for adjustment to or disclosure in these financial statements through the date of this report and has not identified any recordable or disclosable events not otherwise reported in these financial statements or the notes thereto. Consolidation The financial statements include the accounts of the Firm, its wholly owned subsidiaries and other entities in which the Firm has a controlling financial interest, including certain VIEs (see Note 15). Intercompany balances and transactions have been eliminated. For consolidated subsidiaries that are not wholly owned, the third-party holdings of equity interests are referred to as Noncontrolling interests. The net income attributable to Noncontrolling interests for such subsidiaries is presented as Net income applicable to noncontrolling interests in the income statement. The portion of shareholders’ equity that is attributable to Noncontrolling interests for such subsidiaries is presented as Noncontrolling interests, a component of Total equity, in the balance sheet. For entities where the total equity investment at risk is sufficient to enable the entity to finance its activities without additional subordinated financial support and the equity holders bear the residual economic risks and returns of the entity and have the power to direct the activities of the entity that most significantly affect its economic performance, the Firm consolidates those entities it controls either through a majority voting interest or otherwise. For VIEs (i.e., entities that do not meet the aforementioned criteria), the Firm consolidates those entities where it has the power to make the decisions that most significantly affect the economic performance of the VIE and has the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. For investments in entities in which the Firm does not have a controlling financial interest but has significant influence over operating and financial decisions, it applies the equity method of accounting with net gains and losses recorded within Other revenues (see Note 11) unless the Firm has elected to measure the investment at fair value, in which case net gains and losses are recorded within Investments revenues (see Note 5). Equity and partnership interests held by entities qualifying for accounting purposes as investment companies are carried at fair value. The Firm’s significant regulated U.S. and international subsidiaries include: • Morgan Stanley & Co. LLC (“MS&Co.”), • Morgan Stanley Smith Barney LLC (“MSSB”), • Morgan Stanley Europe SE (“MSESE”), • Morgan Stanley & Co. International plc (“MSIP”), • Morgan Stanley Capital Services LLC (“MSCS”), • Morgan Stanley Capital Group Inc. (“MSCG”), • Morgan Stanley MUFG Securities Co., Ltd. (“MSMS”), • Morgan Stanley Bank, N.A. (“MSBNA”) and • Morgan Stanley Private Bank, National Association (“MSPBNA”). For further information on the Firm’s significant regulated U.S. and international subsidiaries, see Note 16.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Presentation Changes in 2024 In the first quarter of 2024, the Firm implemented certain presentation changes which resulted in a decrease to both interest income and interest expense of $4,432 million for the year ended December 31, 2023, and no effect on net interest income, with the entire impact to the Firm recorded within the Institutional Securities segment. These changes further aligned the accounting treatment between the balance sheet and the related interest income or expense, primarily by offsetting interest income and expense for certain prime brokerage-related customer receivables and payables that are currently accounted for as a single unit of account on the balance sheet. The current and previous presentation of these interest income and interest expense amounts are acceptable and the change does not represent a change in accounting principle. These changes were applied retrospectively to the consolidated income statement for 2023 and accordingly, 2023 amounts were adjusted to conform with the current presentation. Revenue Recognition Revenues are recognized when the promised goods or services are delivered to our customers in an amount that is based on the consideration the Firm expects to receive in exchange for those goods or services when such amounts are not probable of significant reversal. Investment Banking Revenues from investment banking activities consist of revenues earned from underwriting, primarily equity and fixed income securities and loan syndications, and advisory fees, primarily for mergers, acquisitions and restructurings. Underwriting revenues are generally recognized on trade date if there is no uncertainty or contingency related to the amount to be paid. Underwriting costs are deferred and recognized in the relevant non-interest expenses line items when the related underwriting revenues are recorded. Advisory fees are recognized as advice is provided to the client, based on the estimated progress of work and when revenues are not probable of a significant reversal. Advisory costs are recognized as incurred in the relevant non-interest expenses line items, including those reimbursed. Commissions and Fees Commission and fee revenues generally result from transaction-based arrangements in which the client is charged a fee for the execution of transactions. Such revenues primarily arise from transactions in equity securities; services related to sales and trading activities; and sales of mutual funds, alternative funds, futures, insurance products and options, as well as revenues from order flow payments for directing customer orders to broker-dealers, exchanges and market centers for execution. Commission and fee revenues are recognized on trade date when the performance obligation is satisfied. Asset Management Revenues Asset management, distribution and administration fees are generally based on related asset levels, such as the AUM of a customer’s account or the net asset value of a fund. These fees are generally recognized when services are performed and the value of the assets is known. Management fees are reduced by estimated fee waivers and expense caps, if any, provided to the customer. Performance-based fees not in the form of carried interest are recorded when the annual performance target is met and the revenues are not probable of a significant reversal. Sales commissions paid by the Firm in connection with the sale of certain classes of shares of its open-end mutual fund products are accounted for as deferred commission assets and amortized to Other expenses over the expected life of the contract. The Firm periodically tests deferred commission assets for recoverability based on cash flows expected to be received in future periods. Other asset management and distribution costs are recognized as incurred in the relevant non-interest expenses line items. Investments Revenues—Carried Interest The Firm is entitled to receive performance-based fees in the form of carried interest when the return in certain funds exceeds specified performance targets. When the Firm earns carried interest from funds as specified performance thresholds are met, that carried interest and any related general or limited partner interest are accounted for under the equity method of accounting and measured based on the Firm’s claim on the NAV of the fund at the reporting date, taking into account the distribution terms applicable to the interest held. Such items are reflected within Investments revenues. See Note 22 for information regarding the net cumulative unrealized amount of performance-based fee revenues at risk of reversal. See Note 14 for information regarding general partner guarantees, which include potential obligations to return performance fee distributions previously received. Other Items Revenues from certain commodities-related contracts are recognized in Trading revenues when the Firm has transferred control over the promised goods or services to the customer. Receivables from contracts with customers are recognized in Customer and other receivables in the balance sheet when the underlying performance obligations have been satisfied and the Firm has the right per the contract to bill the customer. Contract assets are recognized in Other assets when the Firm has satisfied its performance obligations but customer payment is conditional on something other than the passage of time. Contract liabilities are recognized in Other liabilities and accrued expenses when the Firm has collected payment from a customer based on the terms of the contract but the underlying performance obligations are not yet satisfied. For contracts with a term of less than one year, incremental costs to obtain the contract are expensed as incurred. Revenues are not discounted when payment is expected within one year. The Firm generally presents, net within revenues, taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the Firm from a customer. Cash and Cash Equivalents Cash and cash equivalents consist of Cash and due from banks and interest-bearing deposits with banks. Cash equivalents are highly liquid investments with remaining maturities of three months or less from the acquisition date that are readily convertible to cash and are not held for trading purposes. Cash and cash equivalents also include Restricted cash, such as cash segregated in compliance with federal or other regulations, including minimum reserve requirements set by the Federal Reserve Bank and other central banks, and the Firm’s initial margin deposited with clearing organizations. Fair Value of Financial Instruments Instruments within Trading assets and Trading liabilities are measured at fair value, either as required or allowed by accounting guidance. These financial instruments primarily represent the Firm’s trading and investment positions and include both cash and derivative products. In addition, securities classified as Available-for-Sale (“AFS”) are measured at fair value. Gains and losses on instruments carried at fair value are reflected in Trading revenues, Investments revenues or Investment banking revenues in the income statement, except for gains and losses related to AFS securities (see “AFS Investment Securities” section herein and Note 7) and derivatives accounted for as hedges, as well as economic derivative hedges associated with certain held-for-sale and held-for-investment corporate loans and lending commitments (see “Hedge Accounting” and “Other Hedges” herein and Note 6). Interest income and interest expense are recorded within the income statement depending on the nature of the instrument and related market conventions. When interest is included as a component of the instruments’ fair value, interest is recorded within Trading revenues or Investments revenues. Otherwise, it is recorded within Interest income or Interest expense. Dividend income is recorded in Trading revenues or Investments revenues depending on the business activity. The fair value of OTC financial instruments, including derivative contracts related to financial instruments and commodities, is presented in the accompanying balance sheet on a net-by-counterparty basis, when appropriate. Additionally, the Firm nets the fair value of cash collateral paid or received against the fair value amounts recognized for net derivative positions executed with the same counterparty under the same master netting agreement. Fair Value Option The Firm has elected to measure certain eligible instruments at fair value, including Securities purchased under agreements to resell, Loans and lending commitments, equity method investments and certain other assets, Deposits, Securities sold under agreements to repurchase, Other secured financings and Borrowings. Fair Value Measurement—Definition and Hierarchy Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e ., the “exit price”) in an orderly transaction between market participants at the measurement date. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, assumptions are set to reflect those that the Firm believes market participants would use in pricing the asset or liability at the measurement date. Where the Firm manages a group of financial assets, financial liabilities, and nonfinancial items accounted for as derivatives on the basis of its net exposure to either market risks or credit risk, the Firm measures the fair value of that group of financial instruments consistently with how market participants would price the net risk exposure at the measurement date. In determining fair value, the Firm uses various valuation approaches and establishes a hierarchy for inputs used in measuring fair value that requires the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability that were developed based on market data obtained from sources independent of the Firm. Unobservable inputs are inputs that reflect assumptions the Firm believes other market participants would use in pricing the asset or liability that are developed based on the best information available in the circumstances. The fair value hierarchy is broken down into three levels based on the observability of inputs as follows, with Level 1 being the highest and Level 3 being the lowest level: Level 1. Valuations based on quoted prices in active markets that the Firm has the ability to access for identical assets or liabilities. Valuation adjustments, block discounts and discounts for entity-specific and contractual restrictions that would not transfer to market participants are not applied to Level 1 instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. Level 2. Valuations based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, significant market inputs other than quoted prices that are observable for the asset or liability, or market-corroborated inputs. Level 3. Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The availability of observable inputs can vary from product to product and is affected by a wide variety of factors, including the type of product, whether the product is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the product. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Firm in determining fair value is greatest for instruments categorized in Level 3 of the fair value hierarchy. The Firm considers prices and inputs that are current as of the measurement date, including during periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be reclassified from Level 1 to Level 2 or from Level 2 to Level 3 of the fair value hierarchy. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the total fair value amount is disclosed in the level appropriate for the lowest level input that is significant to the total fair value of the asset or liability. Valuation Techniques Many cash instruments and OTC derivative contracts have bid and ask prices that can be observed in the marketplace. Bid prices reflect the highest price that a party is willing to pay for an asset. Ask prices represent the lowest price that a party is willing to accept for an asset. The Firm carries positions at the point within the bid-ask range that meets its best estimate of fair value. For offsetting positions in the same financial instrument, the same price within the bid-ask spread is used to measure both the long and short positions. Fair value for many cash instruments and OTC derivative contracts is derived using pricing models. Pricing models take into account the contract terms, as well as multiple inputs, including, where applicable, commodity prices, equity prices, interest rate yield curves, credit curves, correlation, creditworthiness of the counterparty, creditworthiness of the Firm, option volatility and currency rates. Where appropriate, valuation adjustments are made to account for various factors such as liquidity risk (bid-ask adjustments), credit quality, model uncertainty, and concentration risk and funding in order to arrive at fair value. Adjustments for liquidity risk adjust model-derived mid-market amounts of Level 2 and Level 3 financial instruments for the bid-mid or mid-ask spread required to properly reflect the exit price of a risk position. Bid-mid and mid-ask spreads are marked to levels observed in trade activity, broker quotes or other external third-party data. Where these spreads are unobservable for the particular position in question, spreads are derived from observable levels of similar positions. The Firm applies credit-related valuation adjustments to its Borrowings for which the fair value option was elected and to OTC derivatives. The Firm considers the impact of changes in its own credit spreads based upon observations of the secondary bond market spreads when measuring the fair value for Borrowings. For OTC derivatives, which are recognized in Trading assets at fair value in the balance sheet, the impact of changes in both the Firm’s and the counterparty’s credit rating is considered when measuring fair value. In determining the expected exposure, the Firm simulates the distribution of the future exposure to a counterparty, then applies market-based default probabilities to the future exposure, leveraging external third-party CDS spread data. Where CDS spread data are unavailable for a specific counterparty, bond market spreads, CDS spread data based on the counterparty’s credit rating or CDS spread data that reference a comparable counterparty may be utilized. The Firm also considers collateral held and legally enforceable master netting agreements that mitigate its exposure to each counterparty. Adjustments for model uncertainty are taken for positions whose underlying models are reliant on significant inputs that are neither directly nor indirectly observable, hence requiring reliance on established theoretical concepts in their derivation. These adjustments are derived by making assessments of the possible degree of variability using statistical approaches and market-based information where possible. The Firm may apply concentration adjustments to certain of its OTC derivative portfolios to reflect the additional cost of closing out a particularly large risk exposure. Where possible, these adjustments are based on observable market information, but in many instances, significant judgment is required to estimate the costs of closing out concentrated risk exposures due to the lack of liquidity in the marketplace. The Firm applies an FVA in the fair value measurements of OTC uncollateralized or partially collateralized derivatives and in collateralized derivatives where the terms of the agreement do not permit the reuse of the collateral received. In general, FVA reflects a market funding risk premium inherent in the noted derivative instruments. The methodology for measuring FVA leverages the Firm’s existing credit-related valuation adjustment calculation methodologies, which apply to both assets and liabilities. See Note 4 for a description of valuation techniques applied to the major categories of financial instruments measured at fair value. Assets and Liabilities Measured at Fair Value on a Non-recurring Basis Certain of the Firm’s assets and liabilities are measured at fair value on a non-recurring basis. The Firm incurs losses or gains for any adjustments of these assets or liabilities to fair value. For assets and liabilities measured at fair value on a non-recurring basis, fair value is determined by using various valuation approaches. The same hierarchy for inputs as described above, which requires that observable inputs be used when available, is used in measuring fair value for these items. For further information on financial assets and liabilities that are measured at fair value on a recurring and non-recurring basis, see Note 4. Offsetting of Derivative Instruments In connection with its derivative activities, the Firm generally enters into master netting agreements and collateral agreements with its counterparties. These agreements provide the Firm with the right, in the event of a default by the counterparty, to net a counterparty’s rights and obligations under the agreement and to liquidate and set off cash collateral against any net amount owed by the counterparty. Derivatives with enforceable master netting agreements are reported net of cash collateral received and posted. However, in certain circumstances, the Firm may not have such an agreement in place; the relevant insolvency regime may not support the enforceability of the master netting agreement or collateral agreement; or the Firm may not have sought legal advice to support the enforceability of the agreement. In cases where the Firm has not determined an agreement to be enforceable, the related amounts are not offset (see Note 6). The Firm’s policy is generally to receive cash and/or securities posted as collateral (with rights of rehypothecation) in connection with derivative transactions, irrespective of the enforceability determination regarding the master netting and collateral agreement. In certain cases, the Firm may agree for such collateral to be posted by the counterparty to a third-party custodian under a control agreement that enables it to take control of such collateral in the event of a counterparty default. The enforceability of the master netting agreement is taken into account in the Firm’s risk management practices and application of counterparty credit limits. For information related to offsetting of derivatives, see Note 6. Hedge Accounting The Firm applies hedge accounting using various derivative financial instruments for the following types of hedges: hedges of changes in the fair value of assets and liabilities due to the risk being hedged (fair value hedges); hedges of variability in forecasted cash flows from floating-rate assets due to contractually specified interest rates (cash flow hedges) and hedges of net investments in foreign operations whose functional currency is different from the reporting currency of the Parent Company (net investment hedges). These financial instruments are included within Trading assets—Derivative and other contracts or Trading liabilities—Derivative and other contracts in the balance sheet. For hedges where hedge accounting is being applied, the Firm performs effectiveness testing and other procedures. The change in the fair value of the designated portion of the hedging instrument should be highly correlated, between 80 and 125 percent of the change in the fair value, cash flows, or carrying value (due to translation gains or losses) of the hedged item attributable to the risk being hedged. The Firm considers the impact of valuation adjustments related to counterparty credit spreads and its own credit spreads to determine whether they would cause the hedging relationship to be ineffective. Fair Value Hedges—Interest Rate Risk The Firm’s designated fair value hedges consist of interest rate swaps designated as hedges of changes in the benchmark interest rate of certain fixed-rate AFS securities and senior borrowings. The Firm also designates interest rate swaps as fair value hedges of changes in the benchmark interest rate of certain fixed rate deposits. The Firm is permitted to hedge the full, or part of the contractual term of the hedged instrument. The Firm uses regression analysis to perform an ongoing prospective and retrospective assessment of the effectiveness of these hedging relationships. For qualifying fair value hedges of benchmark interest rates, the change in the fair value of the derivative, offset by the change in the fair value attributable to the change in the benchmark interest rate risk of the hedged asset (liability), is recognized in earnings each period as a component of Interest income (expense). For AFS securities, the change in fair value of the hedged item due to changes other than the risk being hedged will continue to be reported in OCI. When a derivative is de-designated as a hedge, any basis adjustment remaining on the hedged asset (liability) is amortized to Interest income (expense) over the remaining life of the asset (liability) using the effective interest method. For certain AFS securities, the Firm also applies the portfolio layer method of hedge accounting, which permits prepayable and non-prepayable assets to be included in the portfolio and allows more of the portfolio to be hedged. Further, the portfolio layer method of accounting requires that basis adjustments are maintained at the portfolio level and not allocated to individual items until certain de-designation events occur. The amount designated as hedged is the sum of the notional amounts of all outstanding layers in each portfolio. Refer to Note 6 and Note 7 to the financial statements for additional information on portfolio layer method hedging. Net Investment Hedges The Firm uses forward foreign exchange contracts to manage a portion of the currency exposure relating to its net investments in foreign operations. To the extent that the notional amounts of the hedging instruments equal the portion of the investments being hedged and the underlying exchange rate of the derivative hedging instrument is the same as the exchange rate between the functional currency of the investee and the intermediate parent entity’s functional currency, it is considered to be perfectly effective. The gain or loss from revaluing qualifying hedges of net investments in foreign operations at the spot rate is reported within AOCI. The forward points on the hedging instruments are excluded from hedge effectiveness testing and changes in the fair value of this excluded component are recorded currently in Interest income. Cash Flow Hedges—Interest Rate Risk The Firm’s designated cash flow hedges consist of interest rate derivatives designated as hedges of variability in forecasted cash flows from floating-rate assets due to changes in the contractually specified interest rates. The Firm uses regression analysis to perform an ongoing prospective and retrospective assessment of the effectiveness of these hedging relationships. The objective of this strategy is to hedge the risk of changes in the hedged item’s cash flows attributable to changes in the contractually specified interest rate. For qualifying cash flow hedges of contractually specified interest rates, changes in the fair value of the derivative are recorded in OCI and subsequently reclassified to earnings in the same periods when the hedged item affects earnings. If cash flow hedge accounting is discontinued, AOCI is released into earnings immediately if the cash flow of the hedged item is probable of not occurring. Otherwise the amount in AOCI is released into earnings as the forecasted transaction affects earnings. Other Hedges In addition to hedges that are designated and qualify for hedge accounting, the Firm uses derivatives to economically hedge credit risk associated with certain held-for-sale and held-for-investment corporate loans and lending commitments, and the related gains and losses are reported within Other revenues in the income statement. For further information on derivative instruments and hedging activities, see Note 6. AFS Investment Securities AFS securities are reported at fair value in the balance sheet. Interest income, including amortization of premiums and accretion of discounts, is included in Interest income in the income statement. Unrealized gains are recorded in OCI, and unrealized losses are recorded either in OCI or in Other revenues as described below. AFS securities in an unrealized loss position are first evaluated to determine whether there is an intent to sell or it is more likely than not the Firm will be required to sell before recovery of the amortized cost basis. If so, the amortized cost basis is written down to the fair value of the security such that the entire unrealized loss is recognized in Other revenues, and any previously established ACL is written off. For all other AFS securities in an unrealized loss position, any portion of unrealized losses representing a credit loss is recognized in Other revenues and as an increase to the ACL for AFS securities, with the remainder of unrealized losses recognized in OCI. A credit loss exists if the Firm does not expect to recover the amortized cost basis of the security. When considering whether a credit loss exists, the Firm considers relevant information, including: • guarantees (implicit or explicit) by the U.S. government; • the extent to which the fair value has been less than the amortized cost basis; • adverse conditions specifically related to the security, its industry or geographic area; • changes in the financial condition of the issuer of the security or, in the case of an asset-backed debt security, changes in the financial condition of the underlying loan obligors; • the payment structure of the debt security and the likelihood of the issuer being able to make payments that increase in the future; • failure of the issuer of the security to make scheduled interest or principal payments; • the current rating and any changes to the rating of the security by a rating agency. If a credit loss exists, the Firm measures the credit loss as the difference between the present value of cash flows expected to be collected (discounted at the implicit interest rate at acquisition of the security or discounted at the effective yield for securities that incorporate changes in prepayment assumptions) and the amortized cost basis of the security. Changes in prepayment assumptions alone are not considered to result in a credit loss. When estimating the present value of expected cash flows, information utilized includes the remaining payment terms of the security, prepayment speeds, financial condition of the issuer, expected defaults and the value of any underlying collateral. Presentation of ACL and Provision for Credit Losses ACL Provision for AFS securities Contra investment securities Other revenue Nonaccrual & ACL Charge-offs on AFS Securities AFS securities follow the same nonaccrual and charge-off guidance as discussed in “Allowance for Credit Losses” herein. HTM Securities HTM securities are reported at amortized cost, net of any ACL, in the balance sheet. Refer to “Allowance for Credit Losses” herein for guidance on the ACL determination. Interest income, including amortization of premiums and accretion of discounts on HTM securities, is included in Interest income in the income statement. Loans The Firm accounts for loans based on the following categories: loans held for investment; loans held for sale; and loans at fair value. Nonaccrual and ACL Charge-offs on Loans All loan categories described below follow the same nonaccrual guidance and loans held for investment follow the charge-off guidance as discussed in “Allowance for Credit Losses” herein. Loans Held for Investment Loans held for investment are reported at amortized cost, which consists of the outstanding principle balance adjusted for any charge-offs, the allowance for credit losses, any unamortized deferred fees or costs for originated loans, and any unamortized premiums or discounts for purchased loans. Interest Income. Interest income on performing loans held for investment is accrued and recognized as interest income at the contractual rate of interest. Purchase price discounts or premiums, as well as net deferred loan fees or costs, are amortized into interest income over the life of the loan to produce a level rate of return. Lending Commitments. The Firm records the liability and related expense for the credit exposure related to commitments to fund loans. The liability is recorded in Other liabilities and accrued expenses in the balance sheet and the expense is recorded in the Provision for credit losses in the income statement. For more information regarding loan commitments, standby letters of credit and financial guarantees, see Note 14. For more information regarding allowance for credit losses, refer to “Allowance for Credit Losses” herein. Loans Held for Sale Loans held for sale are measured at the lower of amortized cost or fair value, with valuation changes recorded in Other revenues. The Firm determines the valuation allowance on an individual loan basis, except for residential mortgage loans for which the valuation allowance is determined at the loan product level. Any decreases in fair value below the initial carrying amount and any recoveries in fair value up to the initial carrying amount are recorded in Other revenues. Increases in fair value above initial carrying value are not recognized. Interest Income. Interest income on loans held for sale is accrued and recognized based on the contractual rate of interest. Loan origination fees or costs and purchase price discounts or premiums are deferred as an adjustment to the loan’s cost basis until the related loan is sold and, as such, are included in the periodic determination of the lower of cost or fair value adjustments and the gain or loss recognized at the time of sale. Lending Commitments. Commitments to fund mortgage loans held for sale are derivatives and are reported in Trading assets or Trading liabilities in the balance sheet and in Trading revenues in the income statement. For commitments to fund non-mortgage loans, the Firm records the liability and related expense for the fair value exposure below cost of such commitments in Other liabilities and accrued expenses in the balance sheet with an offset to Other revenues in the income statement. Because loans and lending commitments held for sale are recognized at the lower of cost or fair value, the allowance for credit losses and charge-off policies do not apply to these loans. Loans at Fair Value Loans for which the fair value option is elected are carried at fair value and included in Trading assets in the balance sheet, with changes in fair value recognized in earnings. For further information on loans carried at fair value and classified as Trading assets, see Note 4. Lending Commitments. The Firm records the liability and related expense for the fair value exposure related to commitments to fund loans that will be measured at fair value. The liability is recorded in Trading liabilities in the balance sheet, and the expense is recorded in Trading revenues in the income statement. Because such loans and lending commitments are reported at fair value, the allowance for credit losses and charge-off policies do not apply to these loans. For further information on loans, see Note 9. For more information regarding loan commitments, standby letters of credit

Cash and Cash Equivalents

Cash and Cash Equivalents	12 Months Ended
	Dec. 31, 2024
Cash and Cash Equivalents [Abstract]
Cash and Cash Equivalents	Cash and Cash Equivalents $ in millions At At Cash and due from banks $ 4,436 $ 7,323 Interest bearing deposits with banks 100,950 81,909 Total Cash and cash equivalents $ 105,386 $ 89,232 Restricted cash $ 29,643 $ 30,571 For additional information on cash and cash equivalents, including restricted cash, see Note 2.

Fair Values

Fair Values	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Values	Fair Values Recurring Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis At December 31, 2024 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Assets at fair value Trading assets: U.S. Treasury and agency securities $ 54,436 $ 44,332 $ — $ — $ 98,768 Other sovereign government obligations 25,179 9,969 17 — 35,165 State and municipal securities — 2,993 — — 2,993 MABS — 2,231 281 — 2,512 Loans and lending commitments 2 — 7,602 1,059 — 8,661 Corporate and other debt — 30,394 1,258 — 31,652 Corporate equities 3,5 102,874 606 154 — 103,634 Derivative and other contracts: Interest rate 4,154 124,309 343 — 128,806 Credit — 8,783 367 — 9,150 Foreign exchange 65 108,037 620 — 108,722 Equity 2,704 72,532 446 — 75,682 Commodity and other 1,366 12,370 2,195 — 15,931 Netting 1 (6,471) (251,771) (645) (40,835) (299,722) Total derivative and other contracts 1,818 74,260 3,326 (40,835) 38,569 Investments 4,5 808 933 754 — 2,495 Physical commodities — 1,229 — — 1,229 Total trading assets 4 185,115 174,549 6,849 (40,835) 325,678 Investment securities —AFS 69,834 28,774 — — 98,608 Total assets at fair value $ 254,949 $ 203,323 $ 6,849 $ (40,835) $ 424,286 At December 31, 2024 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Liabilities at fair value Deposits $ — $ 6,498 $ 1 $ — $ 6,499 Trading liabilities: U.S. Treasury and agency securities 21,505 3 — — 21,508 Other sovereign government obligations 20,724 3,712 84 — 24,520 Corporate and other debt — 9,032 11 — 9,043 Corporate equities 3 60,653 95 15 — 60,763 Derivative and other contracts: Interest rate 3,615 114,179 396 — 118,190 Credit — 9,302 270 — 9,572 Foreign exchange 147 104,793 31 — 104,971 Equity 3,241 90,639 1,594 — 95,474 Commodity and other 1,461 11,215 887 — 13,563 Netting 1 (6,471) (251,771) (645) (44,953) (303,840) Total derivative and other contracts 1,993 78,357 2,533 (44,953) 37,930 Total trading liabilities 104,875 91,199 2,643 (44,953) 153,764 Securities sold under agreements to repurchase — 512 444 — 956 Other secured financings — 14,012 76 — 14,088 Borrowings — 102,385 947 — 103,332 Total liabilities at fair value $ 104,875 $ 214,606 $ 4,111 $ (44,953) $ 278,639 At December 31, 2023 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Assets at fair value Trading assets: U.S. Treasury and agency securities $ 56,459 $ 53,741 $ — $ — $ 110,200 Other sovereign government obligations 22,580 9,946 94 — 32,620 State and municipal securities — 2,148 34 — 2,182 MABS — 1,540 489 — 2,029 Loans and lending commitments 2 — 6,122 2,066 — 8,188 Corporate and other debt — 35,833 1,983 — 37,816 Corporate equities 3,5 126,772 929 199 — 127,900 Derivative and other contracts: Interest rate 7,284 140,139 784 — 148,207 Credit — 10,244 393 — 10,637 Foreign exchange 12 93,218 20 — 93,250 Equity 2,169 55,319 587 — 58,075 Commodity and other 1,608 11,862 2,811 — 16,281 Netting 1 (7,643) (237,497) (1,082) (42,915) (289,137) Total derivative and other contracts 3,430 73,285 3,513 (42,915) 37,313 Investments 4,5 781 836 949 — 2,566 Physical commodities — 736 — — 736 Total trading assets 4 210,022 185,116 9,327 (42,915) 361,550 Investment securities —AFS 57,405 30,708 — — 88,113 Securities purchased under agreements to resell — 7 — — 7 Total assets at fair value $ 267,427 $ 215,831 $ 9,327 $ (42,915) $ 449,670 At December 31, 2023 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Liabilities at fair value Deposits $ — $ 6,439 $ 33 $ — $ 6,472 Trading liabilities: U.S. Treasury and agency securities 27,708 16 — — 27,724 Other sovereign government obligations 26,829 3,955 6 — 30,790 Corporate and other debt — 10,560 9 — 10,569 Corporate equities 3 46,809 300 45 — 47,154 Derivative and other contracts: Interest rate 8,000 129,983 857 — 138,840 Credit — 10,795 297 — 11,092 Foreign exchange 96 89,880 385 — 90,361 Equity 2,411 64,794 1,689 — 68,894 Commodity and other 1,642 11,904 1,521 — 15,067 Netting 1 (7,643) (237,497) (1,082) (42,757) (288,979) Total derivative and other contracts 4,506 69,859 3,667 (42,757) 35,275 Total trading liabilities 105,852 84,690 3,727 (42,757) 151,512 Securities sold under agreements to repurchase — 571 449 — 1,020 Other secured financings — 9,807 92 — 9,899 Borrowings — 92,022 1,878 — 93,900 Total liabilities at fair value $ 105,852 $ 193,529 $ 6,179 $ (42,757) $ 262,803 MABS—Mortgage- and asset-backed securities 1. For positions with the same counterparty that cross over the levels of the fair value hierarchy, both counterparty netting and cash collateral netting are included in the column titled “Netting.” Positions classified within the same level that are with the same counterparty are netted within that level. For further information on derivative instruments and hedging activities, see Note 6. 2. For a further breakdown by type, see the following Detail of Loans and Lending Commitments at Fair Value table. 3. For trading purposes, the Firm holds or sells short equity securities issued by entities in diverse industries and of varying sizes. 4. Amounts exclude certain investments that are measured based on NAV per share, which are not classified in the fair value hierarchy. For additional disclosure about such investments, see “Net Asset Value Measurements” herein. 5. At December 31, 2024 and December 31, 2023, the Firm’s Trading assets included an insignificant amount of equity securities subject to contractual sale restrictions that generally prohibit the Firm from selling the security for a period of time as of the measurement date. Detail of Loans and Lending Commitments at Fair Value $ in millions At December 31, 2024 At December 31, 2023 Commercial real estate $ 498 $ 422 Residential real estate 1,922 2,909 Securities-based lending and Other loans 6,241 4,857 Total $ 8,661 $ 8,188 Unsettled Fair Value of Futures Contracts 1 $ in millions At December 31, 2024 At December 31, 2023 Customer and other receivables, net $ 1,914 $ 1,062 1. These contracts are primarily Level 1, actively traded, valued based on quoted prices from the exchange and are excluded from the previous recurring fair value tables. Valuation Techniques for Assets and Liabilities Measured at Fair Value on a Recurring Basis U.S. Treasury and Agency Securities U.S. Treasury Securities Valuation Technique: • Fair value is determined using quoted market prices. Valuation Hierarchy Classification: • Level 1—as inputs are observable and in an active market U.S. Agency Securities Valuation Techniques: • Non-callable agency-issued debt securities are generally valued using quoted market prices, and callable agency-issued debt securities are valued by benchmarking model-derived prices to quoted market prices and trade data for comparable instruments. • The fair value of agency mortgage pass-through pool securities is model-driven based on spreads of comparable to-be-announced securities. • CMOs are generally valued using quoted market prices and trade data adjusted by subsequent changes in related indices for comparable instruments. Valuation Hierarchy Classification: • Level 1—on-the-run agency issued debt securities if actively traded and inputs are observable • Level 2—all other agency issued debt securities, agency mortgage pass-through pool securities and CMOs if actively traded and inputs are observable • Level 3—in instances where the trading activity is limited or inputs are unobservable Other Sovereign Government Obligations Valuation Techniques: • Fair value is determined using quoted prices in active markets when available. When not available, quoted prices in less active markets are used. In the absence of position-specific quoted prices, fair value may be determined through benchmarking from comparable instruments. Valuation Hierarchy Classification: • Level 1—if actively traded and inputs are observable • Level 2—if the market is less active or prices are dispersed • Level 3—in instances where the prices are unobservable State and Municipal Securities Valuation Techniques: • Fair value is determined using recently executed transactions, market price quotations or pricing models that factor in, where applicable, interest rates, bond or CDS spreads, adjusted for any basis difference between cash and derivative instruments. Valuation Hierarchy Classification: • Level 2—if value based on observable market data supported by market liquidity for comparable instruments • Level 3—in instances where market data are not observable or supported by market liquidity Mortgage- and Asset-Backed Securities Valuation Techniques: • Mortgage- and asset-backed securities may be valued based on price or spread data obtained from observed transactions or independent external parties such as vendors or brokers. • When position-specific external price data are not observable, the fair value determination may require benchmarking to comparable instruments, and/or analyzing expected credit losses, default and recovery rates, and/or applying discounted cash flow techniques. When evaluating the comparable instruments for use in the valuation of each security, security collateral-specific attributes, including payment priority, credit enhancement levels, type of collateral, delinquency rates and loss severity, are considered. In addition, for RMBS borrowers, FICO scores and the level of documentation for the loan are considered. • Market standard cash flow models may be utilized to model the specific collateral composition and cash flow structure of each transaction. Key inputs to these models are market spreads, forecasted credit losses, and default and prepayment rates for each asset category. • Valuation levels of RMBS and CMBS indices are used as an additional data point for benchmarking purposes or to price outright index positions. Valuation Hierarchy Classification: • Level 2—if value based on observable market data supported by market liquidity for comparable instruments • Level 3—if external prices or significant spread inputs are unobservable or not supported by market liquidity or if the comparability assessment involves significant subjectivity related to property type differences, cash flows, performance or other inputs Loans and Lending Commitments Valuation Techniques: • Fair value of corporate loans is determined using recently executed transactions, market price quotations (where observable), implied yields from comparable debt, market observable CDS spread levels obtained from independent external parties adjusted for any basis difference between cash and derivative instruments, along with proprietary valuation models and default recovery analysis where such transactions and quotations are unobservable. • Fair value of contingent corporate lending commitments is determined by using executed transactions on comparable loans and the anticipated market price based on pricing indications from syndicate banks and customers. The valuation of loans and lending commitments also takes into account fee income that is considered an attribute of the contract. • Fair value of mortgage loans is determined using observable prices based on transactional data or third-party pricing for comparable instruments, when available. • Where position-specific external prices are not observable, fair value is estimated based on benchmarking to prices and rates observed in the primary market for similar loan or borrower types or based on the present value of expected future cash flows using the Firm’s best available estimates of the key assumptions, including forecasted credit losses, prepayment rates, forward yield curves and discount rates commensurate with the risks involved or a methodology that utilizes the capital structure and credit spreads of recent comparable securitization transactions. • Fair value of equity margin loans is determined by discounting future interest cash flows, net of potential losses resulting from large downward price movements of the underlying margin loan collateral. The potential losses are modeled using the margin loan rate, which is calibrated from market observable CDS spreads, implied debt yields or volatility metrics of the loan collateral. Valuation Hierarchy Classification: • Level 2—if value based on observable market data supported by market liquidity for comparable instruments • Level 3—in instances where prices or significant spread inputs are unobservable or not supported by market liquidity or if the comparability assessment involves significant subjectivity Corporate and Other Debt Corporate Bonds Valuation Techniques: • Fair value is determined using recently executed transactions, market price quotations, bond spreads and CDS spreads obtained from independent external parties, such as vendors and brokers, adjusted for any basis difference between cash and derivative instruments. • The spread data used is for the same maturity as the bond. If the spread data does not reference the issuer, then data that references comparable issuers are used. When position-specific external price data is not observable, fair value is determined based on either benchmarking to comparable instruments or cash flow models with yield curves, bond or single-name CDS spreads and recovery rates or loss given default as significant inputs. Valuation Hierarchy Classification: • Level 2—if value based on observable market data for comparable instruments • Level 3—in instances where prices or significant spread inputs are unobservable or if the comparability assessment involves significant subjectivity CDOs Valuation Techniques: • The Firm holds cash CDOs that typically reference a tranche of an underlying synthetic portfolio of single-name CDS spreads collateralized by corporate bonds (“CLN”) or cash portfolio of ABS/loans (“asset-backed CDOs”). • Credit correlation, a primary input used to determine the fair value of CLNs, is usually unobservable and derived using a benchmarking technique. Other model inputs, such as credit spreads, including collateral spreads and interest rates, are typically observable. • Asset-backed CDOs are valued based on an evaluation of the market and model input parameters sourced from comparable instruments as indicated by market activity. Each asset-backed CDO position is evaluated independently taking into consideration available comparable market levels, underlying collateral performance and pricing, deal structures and liquidity. Valuation Hierarchy Classification: • Level 2—when either comparable market transactions are observable or credit correlation input is insignificant • Level 3—when either comparable market transactions are unobservable or the credit correlation input is significant Equity Contracts with Financing Features Valuation Techniques: • Fair value of certain equity contracts, which are not classified as OTC derivatives because they do not meet the net investment criteria, is determined by discounting future interest cash flows, inclusive of the estimated value of the embedded optionality. The valuation uses the same derivative pricing models and valuation techniques as described under “OTC Derivative Contracts” herein. Valuation Hierarchy Classification: • Level 2—when the contract is valued using observable inputs or where the unobservable input is not deemed significant • Level 3—when the contract is valued using an unobservable input that is deemed significant Corporate Equities Valuation Techniques: • Exchange-traded equity securities are generally valued based on quoted prices from the exchange. • Unlisted equity securities are generally valued based on an assessment of each security, considering rounds of financing and third-party transactions, discounted cash flow analyses and market-based information, including comparable transactions, trading multiples and changes in market outlook, among other factors. • Listed fund units are generally marked to the exchange-traded price if actively traded, or to NAV if not. Unlisted fund units are generally marked to NAV. Valuation Hierarchy Classification: • Level 1—actively traded exchange-traded securities and fund units • Level 2—if not actively traded, inputs are observable or if undergoing a recent M&A event or corporate action • Level 3—if not actively traded, inputs are unobservable or if undergoing an aged M&A event or corporate action Derivative and Other Contracts Exchange-Traded Derivative Contracts Valuation Techniques: • Exchange-traded derivatives that are actively traded are valued based on quoted prices from the exchange. • Exchange-traded derivatives that are not actively traded are valued using the same techniques as those applied to OTC derivatives as noted below. Valuation Hierarchy Classification: • Level 1—when actively traded • Level 2—when not actively traded OTC Derivative Contracts Valuation Techniques: • OTC derivative contracts include forward, swap and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices or commodity prices. • Depending on the product and the terms of the transaction, the fair value of OTC derivative products can be modeled using a series of techniques, including closed-form analytic formulas, such as the Black-Scholes option-pricing model, simulation models or a combination thereof. Many pricing models do not entail material subjectivity as the methodologies employed do not necessitate significant judgment since model inputs may be observed from actively quoted markets, as is the case for generic interest rate swaps, many equity, commodity and foreign currency option contracts, and certain CDS. In the case of more established derivative products, the pricing models used by the Firm are widely accepted by the financial services industry. • More complex OTC derivative products are typically less liquid and require more judgment in the implementation of the valuation technique since direct trading activity or quotes are unobservable. This includes certain types of interest rate derivatives with both volatility and correlation exposure, equity, commodity or foreign currency derivatives that are either longer-dated or include exposure to multiple underlyings, and credit derivatives, including CDS on certain mortgage- or asset-backed securities and basket CDS. Where required inputs are unobservable, relationships to observable data points, based on historical and/or implied observations, may be employed as a technique to estimate the model input values. For further information on the valuation techniques for OTC derivative products, see Note 2. Valuation Hierarchy Classification: • Level 2—when valued using observable inputs supported by market liquidity or where the unobservable input is not deemed significant • Level 3—when valued using observable inputs with limited market liquidity or if an unobservable input is deemed significant Investments Valuation Techniques: • Investments include direct investments in equity securities, as well as various investment management funds, which include DCP investments. • Exchange-traded direct equity investments are generally valued based on quoted prices from the exchange. • For direct investments, initially, the transaction price is generally considered by the Firm as the exit price and is its best estimate of fair value. • After initial recognition, in determining the fair value of non-exchange-traded internally and externally managed funds, the Firm generally considers the NAV of the fund provided by the fund manager to be the best estimate of fair value. These investments are included in the Fund Interests table in the “Net Asset Value Measurements” section herein. • For non-exchange-traded investments either held directly or held within internally managed funds, fair value after initial recognition is based on an assessment of each underlying investment, considering rounds of financing and third-party transactions, discounted cash flow analyses and market-based information, including comparable Firm transactions, trading multiples and changes in market outlook, among other factors. Valuation Hierarchy Classification: • Level 1—if actively traded • Level 2—when not actively traded and valued based on rounds of financing or third-party transactions • Level 3—when not actively traded and rounds of financing or third-party transactions are not available Physical Commodities Valuation Techniques: • Fair value is determined using observable inputs, including broker quotations and published indices. Valuation Hierarchy Classification: • Level 2—valued using observable inputs Investment Securities—AFS Securities Valuation Techniques: • AFS securities are composed of U.S. government and agency securities (e.g., U.S. Treasury securities, agency-issued debt, agency mortgage pass-through securities and CMOs), CMBS, ABS, state and municipal securities. For further information on the determination of fair value, refer to the corresponding asset/liability Valuation Technique described herein for the same instruments. Valuation Hierarchy Classification: • For further information on the determination of valuation hierarchy classification, see the corresponding Valuation Hierarchy Classification described herein. Deposits Valuation Techniques: • The Firm issues FDIC-insured certificates of deposit that pay either fixed coupons or that have repayment terms linked to the performance of debt or equity securities, indices or currencies. The fair value of these certificates of deposit is determined using valuation models that incorporate observable inputs referencing identical or comparable securities, including prices to which the deposits are linked, interest rate yield curves, option volatility and currency rates, equity prices, and the impact of the Firm’s own credit spreads, adjusted for the impact of the FDIC insurance, which is based on vanilla deposit issuance rates. Valuation Hierarchy Classification: • Level 2—when valuation inputs are observable • Level 3—in instances where an unobservable input is deemed significant Securities Purchased under Agreements to Resell and Securities Sold under Agreements to Repurchase Valuation Techniques: • Fair value is computed using a standard cash flow discounting methodology. • The inputs to the valuation include contractual cash flows and collateral funding spreads, which are the incremental spread over the OIS rate for a specific collateral rate (which refers to the rate applicable to a specific type of security pledged as collateral). Valuation Hierarchy Classification: • Level 2—when the valuation inputs are observable and supported by market liquidity • Level 3—in instances where the valuation input is observable but not supported by market liquidity or if an unobservable input is deemed significant Other Secured Financings Valuation Techniques: • Other secured financings are composed of short-dated notes secured by Corporate equities, agreements to repurchase Physical commodities, the liabilities related to sales of Loans and lending commitments accounted for as financings, and secured contracts that are not classified as OTC derivatives because they fail net investment criteria. For further information on the determination of fair value, refer to the Valuation Techniques described herein for the corresponding instruments, which are the collateral referenced by the other secured financing liability. Valuation Hierarchy Classification: • For further information on the determination of valuation hierarchy classification, see the Valuation Hierarchy Classification described herein for the corresponding instruments, which are the collateral referenced by the other secured financing liability. Borrowings Valuation Techniques: • The Firm carries certain borrowings at fair value that are primarily composed of: instruments whose payments and redemption values are linked to the performance of a specific index, a basket of stocks, a specific equity security, a commodity, a credit exposure or basket of credit exposures; and instruments with various interest rate-related features, including step-ups, step-downs and zero coupons. Also included are unsecured contracts that are not classified as OTC derivatives because they fail initial net investment criteria. • Fair value is determined using valuation models for the derivative and debt portions of the instruments. These models incorporate observable inputs referencing identical or comparable securities, including prices to which the instruments are linked, interest rate yield curves, option volatility and currency rates, and commodity or equity prices. • Independent, external and traded prices are considered, as well as the impact of the Firm’s own credit spreads, which are based on observed secondary bond market spreads. Valuation Hierarchy Classification: • Level 2—when valued using observable inputs or where the unobservable input is not deemed significant • Level 3—in instances where an unobservable input is deemed significant Rollforward of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis $ in millions 2024 2023 2022 U.S. Treasury and agency securities Beginning balance $ — $ 17 $ 2 Realized and unrealized gains (losses) — — (3) Purchases — — 14 Sales — (10) (1) Net transfers — (7) 5 Ending balance $ — $ — $ 17 Unrealized gains (losses) $ — $ — $ (1) Other sovereign government obligations Beginning balance $ 94 $ 169 $ 211 Realized and unrealized gains (losses) (12) 5 (5) Purchases 4 38 116 Sales — (86) (107) Net transfers (69) (32) (46) Ending balance $ 17 $ 94 $ 169 Unrealized gains (losses) $ (9) $ 2 $ (14) State and municipal securities Beginning balance $ 34 $ 145 $ 13 Realized and unrealized gains (losses) — — (4) Purchases — 9 91 Sales (29) (6) (82) Net transfers (5) (114) 127 Ending balance $ — $ 34 $ 145 Unrealized gains (losses) $ — $ — $ — MABS Beginning balance $ 489 $ 416 $ 344 Realized and unrealized gains (losses) 9 (2) (342) Purchases 83 232 511 Sales (121) (165) (130) Net transfers (179) 8 33 Ending balance $ 281 $ 489 $ 416 Unrealized gains (losses) $ (16) $ (14) $ 2 Loans and lending commitments Beginning balance $ 2,066 $ 2,017 $ 3,806 Realized and unrealized gains (losses) (15) (189) (80) Purchases and originations 235 1,502 793 Sales (674) (477) (740) Settlements (221) (843) (1,526) Net transfers (332) 56 (236) Ending balance $ 1,059 $ 2,066 $ 2,017 Unrealized gains (losses) $ (15) $ (76) $ 29 $ in millions 2024 2023 2022 Corporate and other debt Beginning balance $ 1,983 $ 2,096 $ 1,973 Realized and unrealized gains (losses) (72) 145 456 Purchases and originations 602 623 1,165 Sales (631) (664) (1,889) Settlements (84) (33) (27) Net transfers (540) (184) 418 Ending balance $ 1,258 $ 1,983 $ 2,096 Unrealized gains (losses) $ 55 $ (10) $ 160 Corporate equities Beginning balance $ 199 $ 116 $ 115 Realized and unrealized gains (losses) (119) 12 (97) Purchases 40 85 73 Sales (16) (41) (22) Net transfers 50 27 47 Ending balance $ 154 $ 199 $ 116 Unrealized gains (losses) $ (44) $ 19 $ 11 Investments Beginning balance $ 949 $ 923 $ 1,125 Realized and unrealized gains (losses) 33 35 (409) Purchases 62 158 63 Sales (288) (183) (107) Net transfers (2) 16 251 Ending balance $ 754 $ 949 $ 923 Unrealized gains (losses) $ (32) $ 27 $ (397) Investment securities—AFS Beginning balance $ — $ 35 $ — Realized and unrealized gains (losses) — — (3) Sales — (32) — Net transfers — (3) 38 Ending balance $ — $ — $ 35 Unrealized gains (losses) $ — $ — $ (3) Net derivatives: Interest rate Beginning balance $ (73) $ (151) $ 708 Realized and unrealized gains (losses) 126 (336) (643) Purchases 59 140 1 Issuances (9) (43) — Settlements (175) 241 (92) Net transfers 19 76 (125) Ending balance $ (53) $ (73) $ (151) Unrealized gains (losses) $ (53) $ (210) $ (327) Net derivatives: Credit Beginning balance $ 96 $ 110 $ 98 Realized and unrealized gains (losses) (30) 5 84 Purchases — — 5 Issuances — — (10) Settlements 32 (21) (61) Net transfers (1) 2 (6) Ending balance $ 97 $ 96 $ 110 Unrealized gains (losses) $ (47) $ 2 $ 70 $ in millions 2024 2023 2022 Net derivatives: Foreign exchange Beginning balance $ (365) $ 66 $ 52 Realized and unrealized gains (losses) 874 (290) (8) Purchases — — 1 Issuances — (1) — Settlements (25) (15) (46) Net transfers 105 (125) 67 Ending balance $ 589 $ (365) $ 66 Unrealized gains (losses) $ 728 $ (277) $ 43 Net derivatives: Equity Beginning balance $ (1,102) $ (736) $ (945) Realized and unrealized gains (losses) 225 (91) 201 Purchases 214 221 77 Issuances (710) (572) (339) Settlements 132 87 348 Net transfers 93 (11) (78) Ending balance $ (1,148) $ (1,102) $ (736) Unrealized gains (losses) $ 308 $ (201) $ 328 Net derivatives: Commodity and other Beginning balance $ 1,290 $ 1,083 $ 1,529 Realized and unrealized gains (losses) (1,361) 910 315 Purchases 87 78 185 Issuances (153) (136) (210) Settlements 1,336 (701) (510) Net transfers 109 56 (226) Ending balance $ 1,308 $ 1,290 $ 1,083 Unrealized gains (losses) $ (142) $ 243 $ (935) Deposits Beginning balance $ 33 $ 20 $ 67 Realized and unrealized losses (gains) — 1 — Issuances — 25 11 Settlements — — (3) Net transfers (32) (13) (55) Ending balance $ 1 $ 33 $ 20 Unrealized losses (gains) $ — $ 1 $ — Nonderivative trading liabilities Beginning balance $ 60 $ 74 $ 61 Realized and unrealized losses (gains) (27) 8 (86) Purchases (27) (38) (35) Sales 101 22 93 Net transfers 3 (6) 41 Ending balance $ 110 $ 60 $ 74 Unrealized losses (gains) $ (21) $ 8 $ 17 Securities sold under agreements to repurchase Beginning balance $ 449 $ 512 $ 651 Realized and unrealized losses (gains) (5) 2 (8) Issuances — 1 17 Settlements — (9) (22) Net transfers — (57) (126) Ending balance $ 444 $ 449 $ 512 Unrealized losses (gains) $ (5) $ 2 $ — $ in millions 2024 2023 2022 Other secured financings Beginning balance $ 92 $ 91 $ 403 Realized and unrealized losses (gains) (14) 5 (6) Sales (21) — — Issuances 112 83 39 Settlements (113) (99) (342) Net transfers 20 12 (3) Ending balance $ 76 $ 92 $ 91 Unrealized losses (gains) $ (14) $ 5 $ (6) Borrowings Beginning balance $ 1,878 $ 1,587 $ 2,157 Realized and unrealized losses (gains) 4 219 (133) Issuances 288 708 513 Settlements (255) (391) (285) Net transfers (968) (245) (665) Ending balance $ 947 $ 1,878 $ 1,587 Unrealized losses (gains) $ 16 $ 182 $ (138) Portion of unrealized losses (gains) recorded in OCI—Change in net DVA 7 29 (35) Level 3 instruments may be hedged with instruments classified in Level 1 and Level 2. The realized and unrealized gains or losses for assets and liabilities within the Level 3 category presented in the previous tables do not reflect the related realized and unrealized gains or losses on hedging instruments that have been classified by the Firm within the Level 1 and/or Level 2 categories. The unrealized gains (losses) during the period for assets and liabilities within the Level 3 category may include changes in fair value during the period that were attributable to both observable and unobservable inputs. Total realized and unrealized gains (losses) are primarily included in Trading revenues in the income statement. Additionally, in the previous tables, consolidations of VIEs are included in Purchases, and deconsolidations of VIEs are included in Settlements. Significant Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements Valuation Techniques and Unobservable Inputs Balance / Range (Average 1 ) $ in millions, except inputs At December 31, 2024 At December 31, 2023 Assets at Fair Value on a Recurring Basis Other sovereign government obligations $ 17 $ 94 Comparable pricing: Bond price 45 to 104 points (75 points) 61 to 110 points (87 points) MABS $ 281 $ 489 Comparable pricing: Bond price 27 to 98 points (67 points) 0 to 88 points (61 points) Balance / Range (Average 1 ) $ in millions, except inputs At December 31, 2024 At December 31, 2023 Loans and lending commitments $ 1,059 $ 2,066 Margin loan model: Margin loan rate 1% to 4% (3%) 2% to 4% (3%) Comparable pricing: Loan price 49 to 102 points (90 points) 85 to 102 points (98 points) Corporate and other debt $ 1,258 $ 1,983 Comparable pricing: Bond price 28 to 130 points (83 points) 28 to 135 points (82 points) Discounted cash flow: Loss given default 54% to 84% (62% / 54%) 54% to 84% (62% / 54%) Corporate equities $ 154 $ 199 Comparable pricing: Equity price 100% 100% Investments $ 754 $ 949 Discounted cash flow: WACC 12% to 21% (16%) 16% to 18% (17%) Exit multiple 9 to 10 times (10 times) 9 to 17 times (15 times) Market approach: EBITDA multiple 20 times 22 times Comparable pricing: Equity price 24% to 100% (84%) 24% to 100% (86%) Net derivative and other contracts: Interest rate $ (53) $ (73) Option model: IR volatility

Fair Value Option

Fair Value Option	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Option	Fair Value Option The Firm has elected the fair value option for certain eligible instruments that are risk managed on a fair value basis to mitigate income statement volatility caused by measurement basis differences between the elected instruments and their associated risk management transactions or to eliminate complexities of applying certain accounting models. Borrowings Measured at Fair Value on a Recurring Basis $ in millions At December 31, 2024 At December 31, 2023 Business Unit Responsible for Risk Management Equity $ 49,144 $ 46,073 Interest rates 34,451 31,055 Commodities 14,829 12,798 Credit 3,306 2,400 Foreign exchange 1,602 1,574 Total $ 103,332 $ 93,900 Net Revenues from Liabilities under the Fair Value Option $ in millions Trading Revenues Interest Expense Net Revenues 1 2024 Borrowings $ (1,118) $ 650 $ (1,767) Deposits (134) 242 (376) 2023 Borrowings (7,991) 503 (8,494) 2022 Borrowings 12,370 293 12,077 1. Amounts do not reflect any gains or losses from related economic hedges. Gains (losses) from changes in fair value are recorded in Trading revenues and are mainly attributable to movements in the reference price or index, interest rates or foreign exchange rates. Gains (Losses) Due to Changes in Instrument-Specific Credit Risk $ in millions Trading OCI 2024 Loans and other receivables 1 $ (53) $ — Lending commitments (3) — Deposits — (39) Borrowings (27) (663) 2023 Loans and other receivables 1 $ (123) $ — Lending commitments 14 — Deposits — 17 Borrowings (19) (1,726) 2022 Loans and other receivables 1 $ (108) $ — Lending commitments (12) — Deposits — (24) Borrowings — 2,006 $ in millions At December 31, 2024 At December 31, 2023 Cumulative pre-tax DVA gain (loss) recognized in AOCI $ (2,868) $ (2,166) 1. Loans and other receivables-specific credit gains (losses) were determined by excluding the non-credit components of gains and losses. Difference between Contractual Principal and Fair Value 1 $ in millions At December 31, 2024 At December 31, 2023 Loans and other receivables 2 $ 10,207 $ 11,086 Nonaccrual loans 2 7,719 8,566 Borrowings 3 3,249 3,030 1. Amounts indicate contractual principal greater than or (less than) fair value. 2. The majority of the difference between principal and fair value amounts for loans and other receivables relates to distressed debt positions purchased at amounts well below par. 3. Excludes borrowings where the repayment of the initial principal amount fluctuates based on changes in a reference price or index. The previous tables exclude non-recourse debt from consolidated VIEs, liabilities related to transfers of financial assets treated as collateralized financings, pledged commodities and other liabilities that have specified assets attributable to them. Fair Value Loans on Nonaccrual Status $ in millions At December 31, 2024 At December 31, 2023 Nonaccrual loans $ 647 $ 440 Nonaccrual loans 90 or more days past due $ 155 $ 75

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Firm trades and makes markets globally in listed futures, OTC swaps, forwards, options and other derivatives referencing, among other things, interest rates, equities, currencies, investment grade and non-investment grade corporate credits, loans, bonds, U.S. and other sovereign securities, emerging market bonds and loans, credit indices, ABS indices, property indices, mortgage-related and other ABS, and real estate loan products. The Firm uses these instruments for market-making, managing foreign currency and credit exposure, and asset/liability management. The Firm manages its market-making positions by employing a variety of risk mitigation strategies. These strategies include diversification of risk exposures and hedging. Hedging activities consist of the purchase or sale of positions in related securities and financial instruments, including a variety of derivative products (e.g . , futures, forwards, swaps and options). The Firm manages the market risk associated with its market-making activities on a Firmwide basis, on a worldwide trading division level and on an individual product basis. Fair Values of Derivative Contracts Assets at December 31, 2024 $ in millions Bilateral Cleared Exchange- Total Designated as accounting hedges Interest rate $ 4 $ — $ — $ 4 Foreign exchange 185 122 — 307 Total 189 122 — 311 Not designated as accounting hedges Economic hedges of loans Credit — 28 — 28 Other derivatives Interest rate 115,520 13,163 119 128,802 Credit 4,711 4,411 — 9,122 Foreign exchange 104,024 4,301 90 108,415 Equity 24,368 — 51,314 75,682 Commodity and other 14,071 — 1,860 15,931 Total 262,694 21,903 53,383 337,980 Total gross derivatives $ 262,883 $ 22,025 $ 53,383 $ 338,291 Amounts offset Counterparty netting (188,069) (20,276) (51,168) (259,513) Cash collateral netting (38,511) (1,698) — (40,209) Total in Trading assets $ 36,303 $ 51 $ 2,215 $ 38,569 Amounts not offset 1 Financial instruments collateral (17,837) — — (17,837) Net amounts $ 18,466 $ 51 $ 2,215 $ 20,732 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable $ 3,354 Liabilities at December 31, 2024 $ in millions Bilateral Cleared Exchange- Total Designated as accounting hedges Interest rate $ 533 $ — $ — $ 533 Foreign exchange 3 — — 3 Total 536 — — 536 Not designated as accounting hedges Economic hedges of loans Credit 53 718 — 771 Other derivatives Interest rate 104,495 13,038 124 117,657 Credit 4,941 3,860 — 8,801 Foreign exchange 100,730 4,085 153 104,968 Equity 42,332 — 53,142 95,474 Commodity and other 11,584 — 1,979 13,563 Total 264,135 21,701 55,398 341,234 Total gross derivatives $ 264,671 $ 21,701 $ 55,398 $ 341,770 Amounts offset Counterparty netting (188,070) (20,276) (51,168) (259,514) Cash collateral netting (43,126) (1,200) — (44,326) Total in Trading liabilities $ 33,475 $ 225 $ 4,230 $ 37,930 Amounts not offset 1 Financial instruments collateral (6,338) — (2,658) (8,996) Net amounts $ 27,137 $ 225 $ 1,572 $ 28,934 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable $ 4,321 Assets at December 31, 2023 $ in millions Bilateral Cleared Exchange- Total Designated as accounting hedges Interest rate $ 25 $ — $ — $ 25 Foreign exchange 5 5 — 10 Total 30 5 — 35 Not designated as accounting hedges Economic hedges of loans Credit 2 27 — 29 Other derivatives Interest rate 127,414 19,914 854 148,182 Credit 5,712 4,896 — 10,608 Foreign exchange 90,654 2,570 16 93,240 Equity 20,338 — 37,737 58,075 Commodity and other 13,928 — 2,353 16,281 Total 258,048 27,407 40,960 326,415 Total gross derivatives $ 258,078 $ 27,412 $ 40,960 $ 326,450 Amounts offset Counterparty netting (184,553) (23,851) (38,510) (246,914) Cash collateral netting (39,493) (2,730) — (42,223) Total in Trading assets $ 34,032 $ 831 $ 2,450 $ 37,313 Amounts not offset 1 Financial instruments collateral (15,690) — — (15,690) Net amounts $ 18,342 $ 831 $ 2,450 $ 21,623 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable $ 2,641 Liabilities at December 31, 2023 $ in millions Bilateral Cleared Exchange- Total Designated as accounting hedges Interest rate $ 467 $ — $ — $ 467 Foreign exchange 414 43 — 457 Total 881 43 — 924 Not designated as accounting hedges Economic hedges of loans Credit 43 702 — 745 Other derivatives Interest rate 120,604 17,179 590 138,373 Credit 5,920 4,427 — 10,347 Foreign exchange 87,104 2,694 106 89,904 Equity 31,545 — 37,349 68,894 Commodity and other 12,237 — 2,830 15,067 Total 257,453 25,002 40,875 323,330 Total gross derivatives $ 258,334 $ 25,045 $ 40,875 $ 324,254 Amounts offset Counterparty netting (184,553) (23,851) (38,510) (246,914) Cash collateral netting (41,082) (983) — (42,065) Total in Trading liabilities $ 32,699 $ 211 $ 2,365 $ 35,275 Amounts not offset 1 Financial instruments collateral (6,864) (8) (37) (6,909) Net amounts $ 25,835 $ 203 $ 2,328 $ 28,366 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable $ 5,911 1. Amounts relate to master netting agreements and collateral agreements that have been determined by the Firm to be legally enforceable in the event of default but where certain other netting criteria are not met in accordance with applicable offsetting accounting guidance. See Note 4 for information related to the unsettled fair value of futures contracts not designated as accounting hedges, which are excluded from the previous tables. Notionals of Derivative Contracts Assets at December 31, 2024 $ in billions Bilateral Cleared Exchange- Total Designated as accounting hedges Interest rate $ — $ 108 $ — $ 108 Foreign exchange 14 4 — 18 Total 14 112 — 126 Not designated as accounting hedges Economic hedges of loans Credit — — — — Other derivatives Interest rate 3,713 4,367 442 8,522 Credit 208 149 — 357 Foreign exchange 2,717 171 9 2,897 Equity 591 — 609 1,200 Commodity and other 137 — 77 214 Total 7,366 4,687 1,137 13,190 Total gross derivatives $ 7,380 $ 4,799 $ 1,137 $ 13,316 Liabilities at December 31, 2024 $ in billions Bilateral Cleared Exchange- Total Designated as accounting hedges Interest rate $ 2 $ 193 $ — $ 195 Foreign exchange 1 — — 1 Total 3 193 — 196 Not designated as accounting hedges Economic hedges of loans Credit 2 20 — 22 Other derivatives Interest rate 3,626 4,468 417 8,511 Credit 230 133 — 363 Foreign exchange 2,763 178 18 2,959 Equity 754 — 826 1,580 Commodity and other 100 — 89 189 Total 7,475 4,799 1,350 13,624 Total gross derivatives $ 7,478 $ 4,992 $ 1,350 $ 13,820 Assets at December 31, 2023 $ in billions Bilateral Cleared Exchange- Total Designated as accounting hedges Interest rate $ — $ 92 $ — $ 92 Foreign exchange 1 1 — 2 Total 1 93 — 94 Not designated as accounting hedges Economic hedges of loans Credit — 1 — 1 Other derivatives Interest rate 4,153 8,357 560 13,070 Credit 214 176 — 390 Foreign exchange 3,378 165 7 3,550 Equity 528 — 440 968 Commodity and other 142 — 65 207 Total 8,415 8,699 1,072 18,186 Total gross derivatives $ 8,416 $ 8,792 $ 1,072 $ 18,280 Liabilities at December 31, 2023 $ in billions Bilateral Cleared Exchange- Total Designated as accounting hedges Interest rate $ 3 $ 183 $ — $ 186 Foreign exchange 14 3 — 17 Total 17 186 — 203 Not designated as accounting hedges Economic hedges of loans Credit 2 22 — 24 Other derivatives Interest rate 4,631 8,197 455 13,283 Credit 229 155 — 384 Foreign exchange 3,496 167 33 3,696 Equity 587 — 712 1,299 Commodity and other 101 — 79 180 Total 9,046 8,541 1,279 18,866 Total gross derivatives $ 9,063 $ 8,727 $ 1,279 $ 19,069 The notional amounts of derivative contracts generally overstate the Firm’s exposure. In most circumstances, notional amounts are used only as a reference point from which to calculate amounts owed between the parties to the contract. Furthermore, notional amounts do not reflect the benefit of legally enforceable netting arrangements or risk mitigating transactions. Gains (Losses) on Accounting Hedges $ in millions 2024 2023 2022 Fair value hedges—Recognized in Interest income Interest rate contracts $ 291 $ (576) $ 1,928 Investment Securities—AFS (204) 638 (1,838) Fair value hedges—Recognized in Interest expense Interest rate contracts $ (822) $ 3,664 $ (15,159) Deposits (75) (88) 124 Borrowings 889 (3,564) 15,042 Net investment hedges—Foreign exchange contracts Recognized in OCI $ 1,084 $ (168) $ 657 Forward points excluded from hedge effectiveness testing—Recognized in Interest income 214 211 (33) Cash flow hedges—Interest rate contracts 1 Recognized in OCI $ (100) $ 9 $ (4) Less: Realized gains (losses) (pre-tax) reclassified from AOCI to interest income (32) (16) — Net change in cash flow hedges included within AOCI (68) 25 (4) 1. For the year ended 2024, there were no forecasted transactions that failed to occur. The net gains (losses) associated with cash flow hedges expected to be reclassified from AOCI within 12 months as of December 31, 2024 is approximately $31 million. The maximum length of time over which forecasted cash flows are hedged is 28 months. Fair Value Hedges—Hedged Items $ in millions At December 31, 2024 At December 31, 2023 Investment securities—AFS Amortized cost basis currently or previously hedged 1 $ 54,809 $ 47,179 Basis adjustments included in amortized cost 2 $ (741) $ (732) Deposits Carrying amount currently or previously hedged $ 21,524 $ 10,569 Basis adjustments included in carrying amount 2 $ 44 $ (31) Borrowings Carrying amount currently or previously hedged $ 171,834 $ 158,659 Basis adjustments included in carrying amount—Outstanding hedges $ (10,072) $ (9,219) Basis adjustments included in amortized cost—Terminated hedges $ (648) $ (671) 1. Carrying amount represents the amortized cost, net of allowance if applicable. At December 31, 2024, the amortized cost of the portfolio layer method closed portfolios was $325 million, of which $178 million was designated as hedged. The cumulative amount of basis adjustments was $(2) million as of December 31, 2024. Refer to Note 2 and Note 7 for additional information. 2. Hedge accounting basis adjustments are primarily related to outstanding hedges. Gains (Losses) on Economic Hedges of Loans $ in millions 2024 2023 2022 Recognized in Other revenues Credit contracts 1 (294) (522) (62) 1. Amounts related to hedges of certain held-for-investment and held-for-sale loans. Derivatives with Credit Risk-Related Contingencies Net Derivative Liabilities and Collateral Posted $ in millions At December 31, 2024 At December 31, 2023 Net derivative liabilities with credit risk-related contingent features $ 22,414 $ 21,957 Collateral posted 16,252 16,389 The previous table presents the aggregate fair value of certain derivative contracts that contain credit risk-related contingent features that are in a net liability position for which the Firm has posted collateral in the normal course of business. Incremental Collateral and Termination Payments upon Potential Future Ratings Downgrade $ in millions At December 31, 2024 One-notch downgrade $ 235 Two-notch downgrade 411 Bilateral downgrade agreements included in the amounts above 1 $ 524 1. Amount represents arrangements between the Firm and other parties where upon the downgrade of one party, the downgraded party must deliver collateral to the other party. These bilateral downgrade arrangements are used by the Firm to manage the risk of counterparty downgrades. The additional collateral or termination payments that may be called in the event of a future credit rating downgrade vary by contract and can be based on ratings by Moody’s Investors Service, Inc., S&P Global Ratings and/or other rating agencies. The previous table shows the future potential collateral amounts and termination payments that could be called or required by counterparties or exchange and clearing organizations in the event of one-notch or two-notch downgrade scenarios based on the relevant contractual downgrade triggers. Maximum Potential Payout/Notional of Credit Protection Sold 1 Years to Maturity at December 31, 2024 $ in billions < 1 1-3 3-5 Over 5 Total Single-name CDS Investment grade $ 15 $ 31 $ 37 $ 10 $ 93 Non-investment grade 7 16 16 1 40 Total $ 22 $ 47 $ 53 $ 11 $ 133 Index and basket CDS Investment grade $ 3 $ 12 $ 10 $ — $ 25 Non-investment grade 11 22 158 16 207 Total $ 14 $ 34 $ 168 $ 16 $ 232 Total CDS sold $ 36 $ 81 $ 221 $ 27 $ 365 Other credit contracts — — — 3 3 Total credit protection sold $ 36 $ 81 $ 221 $ 30 $ 368 CDS protection sold with identical protection purchased $ 303 Years to Maturity at December 31, 2023 $ in billions < 1 1-3 3-5 Over 5 Total Single-name CDS Investment grade $ 19 $ 29 $ 39 $ 10 $ 97 Non-investment grade 7 14 17 1 39 Total $ 26 $ 43 $ 56 $ 11 $ 136 Index and basket CDS Investment grade $ 8 $ 19 $ 85 $ 4 $ 116 Non-investment grade 8 14 95 17 134 Total $ 16 $ 33 $ 180 $ 21 $ 250 Total CDS sold $ 42 $ 76 $ 236 $ 32 $ 386 Other credit contracts — — — 3 3 Total credit protection sold $ 42 $ 76 $ 236 $ 35 $ 389 CDS protection sold with identical protection purchased $ 330 Fair Value Asset (Liability) of Credit Protection Sold 1 $ in millions At December 31, 2024 At December 31, 2023 Single-name CDS Investment grade $ 1,890 $ 1,904 Non-investment grade 585 399 Total $ 2,475 $ 2,303 Index and basket CDS Investment grade $ 799 $ 1,929 Non-investment grade 489 45 Total $ 1,288 $ 1,974 Total CDS sold $ 3,763 $ 4,277 Other credit contracts 133 314 Total credit protection sold $ 3,896 $ 4,591 1. Investment grade/non-investment grade determination is based on the internal credit rating of the reference obligation. Internal credit ratings serve as the CRM’s assessment of credit risk and the basis for a comprehensive credit limits framework used to control credit risk. The Firm uses quantitative models and judgment to estimate the various risk parameters related to each obligor. Protection Purchased with CDS Notional $ in billions At At Single name $ 156 $ 166 Index and basket 193 213 Tranched index and basket 28 30 Total $ 377 $ 409 Fair Value Asset (Liability) $ in millions At At Single name $ (2,693) $ (2,799) Index and basket (654) (1,208) Tranched index and basket (962) (1,012) Total $ (4,309) $ (5,019) The Firm enters into credit derivatives, principally CDS, under which it receives or provides protection against the risk of default on a set of debt obligations issued by a specified reference entity or entities. A majority of the Firm’s counterparties for these derivatives are banks, broker-dealers, and insurance and other financial institutions. The fair value amounts as shown in the previous tables are prior to cash collateral or counterparty netting. The purchase of credit protection does not represent the sole manner in which the Firm risk manages its exposure to credit derivatives. The Firm manages its exposure to these derivative contracts through a variety of risk mitigation strategies, which include managing the credit and correlation risk across single-name, non-tranched indices and baskets, tranched indices and baskets, and cash positions. Aggregate market risk limits have been established for credit derivatives, and market risk measures are routinely monitored against these limits. The Firm may also recover amounts on the underlying reference obligation delivered to the Firm under CDS where credit protection was sold. Single-Name CDS. A CDS protects the buyer against the loss of principal on a bond or loan in case of a default by the issuer. The protection buyer pays a periodic premium (generally quarterly) over the life of the contract and is protected for the period. The Firm, in turn, performs under a CDS if a credit event as defined under the contract occurs. Typical credit events include bankruptcy, dissolution or insolvency of the referenced entity, failure to pay and restructuring of the obligations of the referenced entity. Index and Basket CDS. Index and basket CDS are products where credit protection is provided on a portfolio of single-name CDS. Generally, in the event of a default on one of the underlying names, the Firm pays a pro rata portion of the total notional amount of the CDS. The Firm also enters into tranched index and basket CDS where credit protection is provided on a particular portion of the portfolio loss distribution. The most junior tranches cover initial defaults, and once losses exceed the notional of the tranche, they are passed on to the next most senior tranche in the capital structure. Other Credit Contracts. The Firm has invested in CLNs and CDOs, which are hybrid instruments containing embedded derivatives, in which credit protection has been sold to the issuer of the note. If there is a credit event of a reference entity underlying the instrument, the principal balance of the note may not be repaid in full to the Firm.

Investment Securities

Investment Securities	12 Months Ended
	Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Investment Securities	Investment Securities AFS and HTM Securities At December 31, 2024 $ in millions Amortized Cost 1 Gross Gross Fair AFS securities U.S. Treasury securities $ 70,160 $ 62 $ 388 69,834 U.S. agency securities 2 24,113 6 2,652 21,467 Agency CMBS 5,704 — 388 5,316 State and municipal securities 1,373 18 4 1,387 FFELP student loan ABS 3 612 1 9 604 Unallocated basis adjustment 4 (2) 2 — — Total AFS securities 101,960 89 3,441 98,608 HTM securities U.S. Treasury securities 16,885 — 1,082 15,803 U.S. agency securities 2 41,582 4 8,592 32,994 Agency CMBS 1,154 — 88 1,066 Non-agency CMBS 1,450 3 113 1,340 Total HTM securities 61,071 7 9,875 51,203 Total investment securities $ 163,031 $ 96 $ 13,316 $ 149,811 At December 31, 2023 $ in millions Amortized Cost 1 Gross Gross Fair AFS securities U.S. Treasury securities $ 58,484 $ 24 $ 1,103 $ 57,405 U.S. agency securities 2 25,852 4 2,528 23,328 Agency CMBS 5,871 — 456 5,415 State and municipal securities 1,132 46 5 1,173 FFELP student loan ABS 3 810 — 18 792 Total AFS securities 92,149 74 4,110 88,113 HTM securities U.S. Treasury securities 23,222 — 1,285 21,937 U.S. agency securities 2 40,894 — 7,699 33,195 Agency CMBS 1,337 — 121 1,216 Non-agency CMBS 1,241 2 138 1,105 Total HTM securities 66,694 2 9,243 57,453 Total investment securities $ 158,843 $ 76 $ 13,353 $ 145,566 1. Amounts are net of any ACL. 2. U.S. agency securities consist mainly of agency mortgage pass-through pool securities, CMOs and agency-issued debt. 3. Underlying loans are backed by a guarantee, ultimately from the U.S. Department of Education, of at least 95% of the principal balance and interest outstanding. 4. Represents the amount of unallocated portfolio layer method basis adjustments related to AFS securities hedged in a closed portfolio. Portfolio layer method basis adjustments are not allocated to individual securities. Refer to Note 2 and Note 6 for additional information. Investment Securities in an Unrealized Loss Position At December 31, At December 31, $ in millions Fair Value Gross Fair Value Gross U.S. Treasury securities Less than12 months $ 18,338 $ 65 $ 14,295 $ 22 12 months or longer 19,629 323 33,458 1,081 Total 37,967 388 47,753 1,103 U.S. agency securities Less than12 months 765 11 4,297 43 12 months or longer 18,996 2,641 18,459 2,485 Total 19,761 2,652 22,756 2,528 Agency CMBS 12 months or longer 5,018 388 5,415 456 Total 5,018 388 5,415 456 State and municipal securities Less than12 months 242 2 524 3 12 months or longer 62 2 35 2 Total 304 4 559 5 FFELP student loan ABS Less than12 months — — 56 1 12 months or longer 442 9 616 17 Total 442 9 672 18 Total AFS securities in an unrealized loss position Less than12 months 19,345 78 19,172 69 12 months or longer 44,147 3,363 57,983 4,041 Total $ 63,492 $ 3,441 $ 77,155 $ 4,110 For AFS securities, the Firm believes there are no securities in an unrealized loss position that have credit losses after performing the analysis described in Note 2. Additionally, the Firm does not intend to sell these securities and is not likely to be required to sell these securities prior to recovery of the amortized cost basis. As of December 31, 2024 and December 31, 2023, the securities in an unrealized loss position are predominantly investment grade. The HTM securities net carrying amounts at December 31, 2024 and December 31, 2023 reflect an ACL of $52 million and $44 million, respectively, predominantly related to Non-agency CMBS. See Note 2 for a description of the ACL methodology used for HTM Securities. As of December 31, 2024 and December 31, 2023, 98% of the Firm’s portfolio of HTM securities were investment grade U.S. agency securities, U.S. Treasury securities and Agency CMBS, which were on accrual status and for which there is an underlying assumption of zero credit losses. Non-investment grade HTM securities primarily consisted of certain Non-agency CMBS securities, for which the expected credit losses were insignificant and were predominantly on accrual status at December 31, 2024 and December 31, 2023. See Note 15 for additional information on securities issued by VIEs, including U.S. agency mortgage-backed securities, non-agency CMBS, and FFELP student loan ABS. Investment Securities by Contractual Maturity At December 31, 2024 $ in millions Amortized Cost 1 Fair Annualized Average Yield 2,3 AFS securities U.S. Treasury securities: Due within 1 year $ 18,575 $ 18,393 2.2 % After 1 year through 5 years 46,529 46,395 3.7 % After 5 years through 10 years 5,056 5,046 4.2 % Total 70,160 69,834 U.S. agency securities: Due within 1 year 11 11 1.0 % After 1 year through 5 years 254 241 1.6 % After 5 years through 10 years 414 380 1.8 % After 10 years 23,434 20,835 3.4 % Total 24,113 21,467 Agency CMBS: After 1 year through 5 years 4,054 3,899 2.0 % After 5 years through 10 years 547 535 1.6 % After 10 years 1,103 882 1.5 % Total 5,704 5,316 State and municipal securities: Due within 1 year 852 852 4.9 % After 1 year through 5 years 215 214 4.7 % After 5 years through 10 years 49 48 5.8 % After 10 years 257 273 4.6 % Total 1,373 1,387 FFELP student loan ABS: Due within 1 year 12 11 5.3 % After 1 year through 5 years 113 110 5.6 % After 5 years through 10 years 24 23 5.4 % After 10 years 463 460 5.8 % Total 612 604 Unallocated basis adjustment 4: (2) — — Total AFS securities 101,960 98,608 3.3 % At December 31, 2024 $ in millions Amortized Cost 1 Fair Annualized Average Yield 2 HTM securities U.S. Treasury securities: Due within 1 year $ 4,635 $ 4,558 1.2 % After 1 year through 5 years 10,191 9,777 2.3 % After 5 years through 10 years 503 414 1.1 % After 10 years 1,556 1,054 2.3 % Total 16,885 15,803 U.S. agency securities: After 1 year through 5 years 8 8 1.8 % After 5 years through 10 years 223 208 2.1 % After 10 years 41,351 32,778 2.1 % Total 41,582 32,994 Agency CMBS: Due within 1 year 294 289 1.5 % After 1 year through 5 years 632 591 1.2 % After 5 years through 10 years 176 144 1.6 % After 10 years 52 42 1.3 % Total 1,154 1,066 Non-agency CMBS: Due within 1 year 146 124 3.9 % After 1 year through 5 years 648 618 4.5 % After 5 years through 10 years 455 403 4.0 % After 10 years 201 195 7.4 % Total 1,450 1,340 Total HTM securities 61,071 51,203 2.1 % Total investment securities $ 163,031 $ 149,811 2.9 % 1. Amounts are net of any ACL. 2. Annualized average yield is computed using the effective yield, weighted based on the amortized cost of each security. The effective yield is shown pre-tax and excludes the effect of related hedging derivatives. 3. At December 31, 2024, the annualized average yield, including the interest rate swap accrual of related hedges, was 2.7% for AFS securities contractually maturing within 1 year and 3.8% for all AFS securities. 4. Represents the amount of unallocated portfolio layer method basis adjustments related to AFS securities hedged in a closed portfolio. Portfolio layer method basis adjustments are not allocated to individual securities. Refer to Note 2 and Note 6 for additional information. Gross Realized Gains (Losses) on Sales of AFS Securities $ in millions 2024 2023 2022 Gross realized gains $ 52 $ 70 $ 164 Gross realized (losses) — (21) (94) Total 1 $ 52 $ 49 $ 70 1. Realized gains and losses are recognized in Other revenues in the income statement.

Collateralized Transactions

Collateralized Transactions	12 Months Ended
	Dec. 31, 2024
Collateralized Agreements [Abstract]
Collateralized Transactions	Collateralized Transactions The Firm enters into securities purchased under agreements to resell, securities sold under agreements to repurchase, securities borrowed and securities loaned transactions to, among other things, acquire securities to cover short positions and settle other securities obligations, to accommodate customers’ needs and to finance its inventory positions. The Firm monitors the fair value of the underlying securities as compared with the related receivable or payable, including accrued interest, and, as necessary, requests additional collateral, as provided under the applicable agreement to ensure such transactions are adequately collateralized, or returns excess collateral. The risk related to a decline in the market value of collateral pledged or received is managed by setting appropriate market-based margin requirements. Increases in collateral margin calls on secured financing due to market value declines may be mitigated by increases in collateral margin calls on securities purchased under agreements to resell and securities borrowed transactions with similar quality collateral. Additionally, the Firm may request lower quality collateral pledged be replaced with higher quality collateral through collateral substitution rights in the underlying agreements. The Firm actively manages its secured financings in a manner that reduces the potential refinancing risk of secured financings of less liquid assets and also considers the quality of collateral when negotiating collateral eligibility with counterparties. The Firm utilizes shorter term secured financing for highly liquid assets and has established longer tenor limits for less liquid assets, for which funding may be at risk in the event of a market disruption. Offsetting of Certain Collateralized Transactions At December 31, 2024 $ in millions Gross Amounts Balance Sheet Net Amounts Amounts Not Offset 1 Net Assets Securities purchased under agreements to resell $ 409,635 $ (291,070) $ 118,565 $ (116,157) $ 2,408 Securities borrowed 165,642 (41,783) 123,859 (117,573) 6,286 Liabilities Securities sold under agreements to repurchase $ 341,137 $ (291,070) $ 50,067 $ (45,520) $ 4,547 Securities loaned 57,009 (41,783) 15,226 (15,211) 15 Net amounts for which master netting agreements are not in place or may not be legally enforceable Securities purchased under agreements to resell $ 2,054 Securities borrowed 2,079 Securities sold under agreements to repurchase 3,448 Securities loaned — At December 31, 2023 $ in millions Gross Amounts Balance Sheet Net Amounts Amounts Not Offset 1 Net Assets Securities purchased under agreements to resell $ 300,242 $ (189,502) $ 110,740 $ (108,893) $ 1,847 Securities borrowed 142,453 (21,362) 121,091 (115,969) 5,122 Liabilities Securities sold under agreements to repurchase $ 252,153 $ (189,502) $ 62,651 $ (58,357) $ 4,294 Securities loaned 36,419 (21,362) 15,057 (15,046) 11 Net amounts for which master netting agreements are not in place or may not be legally enforceable Securities purchased under agreements to resell $ 1,741 Securities borrowed 607 Securities sold under agreements to repurchase 3,014 Securities loaned 2 1. Amounts relate to master netting agreements that have been determined by the Firm to be legally enforceable in the event of default but where certain other criteria are not met in accordance with applicable offsetting accounting guidance. For information related to offsetting of derivatives, see Note 6. Gross Secured Financing Balances by Remaining Contractual Maturity At December 31, 2024 $ in millions Overnight and Open Less than 30 Days 30-90 Days Over 90 Days Total Securities sold under agreements to repurchase $ 180,793 $ 104,551 $ 25,071 $ 30,722 $ 341,137 Securities loaned 42,473 — 317 14,219 57,009 Total included in the offsetting disclosure $ 223,266 $ 104,551 $ 25,388 $ 44,941 $ 398,146 Trading liabilities—Obligation to return securities received as collateral 18,067 — — — 18,067 Total $ 241,333 $ 104,551 $ 25,388 $ 44,941 $ 416,213 At December 31, 2023 $ in millions Overnight and Open Less than 30 Days 30-90 Days Over 90 Days Total Securities sold under agreements to repurchase $ 80,376 $ 114,826 $ 25,510 $ 31,441 $ 252,153 Securities loaned 21,508 1,345 709 12,857 36,419 Total included in the offsetting disclosure $ 101,884 $ 116,171 $ 26,219 $ 44,298 $ 288,572 Trading liabilities—Obligation to return securities received as collateral 13,528 — — — 13,528 Total $ 115,412 $ 116,171 $ 26,219 $ 44,298 $ 302,100 Gross Secured Financing Balances by Class of Collateral Pledged $ in millions At December 31, 2024 At December 31, 2023 Securities sold under agreements to repurchase U.S. Treasury and agency securities $ 177,464 $ 98,377 Other sovereign government obligations 135,806 122,342 Corporate equities 14,993 18,144 Other 12,874 13,290 Total $ 341,137 $ 252,153 Securities loaned Other sovereign government obligations $ 1,805 $ 1,379 Corporate equities 54,144 34,434 Other 1,060 606 Total $ 57,009 $ 36,419 Total included in the offsetting disclosure $ 398,146 $ 288,572 Trading liabilities—Obligation to return securities received as collateral Corporate equities $ 18,059 $ 13,502 Other 8 26 Total $ 18,067 $ 13,528 Total $ 416,213 $ 302,100 Carrying Value of Assets Loaned or Pledged $ in millions At December 31, 2024 At December 31, 2023 Trading assets $ 30,867 $ 37,522 The Firm pledges certain of its trading assets to collateralize securities sold under agreements to repurchase, securities loaned, other secured financings and derivatives and to cover customer short sales. Pledged financial instruments that can be sold or repledged by the secured party are identified as Trading assets (pledged to various parties) in the balance sheet. Pledged financial instruments that cannot be sold or repledged by the secured party are included within Trading Assets, but not identified as pledged assets parenthetically in the balance sheet. Fair Value of Collateral Received with Right to Sell or Repledge $ in millions At December 31, 2024 At December 31, 2023 Collateral received with right to sell or repledge $ 932,626 $ 735,830 Collateral that was sold or repledged 1 724,177 553,386 1. Does not include securities used to meet federal regulations for the Firm’s U.S. broker-dealers. The Firm receives collateral in the form of securities in connection with securities purchased under agreements to resell, securities borrowed, securities-for-securities transactions, derivative transactions, customer margin loans and securities-based lending. In many cases, the Firm is permitted to sell or repledge this collateral to secure securities sold under agreements to repurchase, to enter into securities lending and derivative transactions or to deliver to counterparties to cover short positions. Securities Segregated for Regulatory Purposes $ in millions At December 31, 2024 At December 31, 2023 Segregated securities 1 $ 26,329 $ 20,670 1. Securities segregated under federal regulations for the Firm’s U.S. broker-dealers are sourced from Securities purchased under agreements to resell and Trading assets in the balance sheet. Concentration Based on the Firm’s Total Assets At December 31, 2024 At December 31, 2023 U.S. government and agency securities and other sovereign government obligations Trading assets 1 11 % 12 % Off balance sheet—Collateral received 2 12 % 11 % 1. Other sovereign government obligations included in Trading assets primarily consist of obligations of the U.K., Japan and Brazil. 2. Collateral received is primarily related to Securities purchased under agreements to resell and Securities borrowed. The Firm is subject to concentration risk by holding large positions in certain types of securities, loans or commitments to purchase securities of a single issuer, including sovereign governments and other entities, issuers located in a particular country or geographic area, public and private issuers involving developing countries or issuers engaged in a particular industry. Positions taken and underwriting and financing commitments, including those made in connection with the Firm’s private equity, principal investment and lending activities, often involve substantial amounts and significant exposure to individual issuers and businesses, including investment grade and non-investment grade issuers. Customer Margin and Other Lending $ in millions At December 31, 2024 At December 31, 2023 Margin and other lending $ 55,882 $ 45,644 The Firm provides margin lending arrangements that allow customers to borrow against the value of qualifying securities. Receivables from these arrangements are included within Customer and other receivables in the balance sheet. Under these arrangements, the Firm receives collateral, which includes U.S. government and agency securities, other sovereign government obligations, corporate and other debt, and corporate equities. Margin loans are collateralized by customer-owned securities held by the Firm. The Firm monitors required margin levels and established credit terms daily and, pursuant to such guidelines, requires customers to deposit additional collateral, or reduce positions, when necessary. Margin loans are extended on a demand basis and generally are not committed facilities. Factors considered in the review of margin loans are the amount of the loan, the intended purpose, the degree of leverage being employed in the account and the amount of collateral, as well as an overall evaluation of the portfolio to ensure proper diversification or, in the case of concentrated positions, appropriate liquidity of the underlying collateral or potential hedging strategies to reduce risk. Underlying collateral for margin loans is reviewed with respect to the liquidity of the proposed collateral positions, valuation of securities, historic trading range, volatility analysis and an evaluation of industry concentrations. For these transactions, adherence to the Firm’s collateral policies significantly limits its credit exposure in the event of a customer default. The Firm may request additional margin collateral from customers, if appropriate, and, if necessary, may sell securities that have not been paid for or purchase securities sold but not delivered from customers. Also included in the amounts in the previous table is non-purpose securities-based lending on entities in the Wealth Management business segment. Other Secured Financings Other secured financings include the liabilities related to collateralized notes, transfers of financial assets that are accounted for as financings rather than sales and consolidated VIEs where the Firm is deemed to be the primary beneficiary. These liabilities are generally payable from the cash flows of the related assets accounted for as Trading assets (see Notes 13 and 15). Additionally, for certain secured financing transactions that meet applicable netting criteria, the Firm offset Other secured financing liabilities against financing receivables recorded within Trading assets in the amount of $437 million at December 31, 2024 and $3,472 million at December 31, 2023.

Loans, Lending Commitments and

Loans, Lending Commitments and Related Allowance for Credit Losses	12 Months Ended
	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Loans, Lending Commitments and Related Allowance for Credit Losses	Loans, Lending Commitments and Related Allowance for Credit Losses The Firm’s held-for-investment and held-for-sale loan portfolios consist of the following types of loans: • Corporate. Corporate includes revolving lines of credit, term loans and bridge loans made to corporate entities for a variety of purposes. • Secured Lending Facilities. Secured lending facilities include loans provided to clients, which are collateralized by various assets, including residential and commercial real estate mortgage loans, investor commitments for capital calls, corporate loans and other assets. • Commercial Real Estate . Commercial real estate loans include owner-occupied loans and income-producing loans. • Residential Real Estate. Residential real estate loans mainly include non-conforming loans and HELOC. • Securities-based Lending and Other. Securities-based lending includes loans that allow clients to borrow money against the value of qualifying securities, generally for any suitable purpose other than purchasing, trading, or carrying securities or refinancing margin debt. The majority of these loans are structured as revolving lines of credit. Other primarily includes certain loans originated in the tailored lending business within the Wealth Management business segment. Loans by Type At December 31, 2024 $ in millions HFI Loans HFS Loans Total Loans Corporate $ 6,889 $ 9,183 $ 16,072 Secured lending facilities 48,842 2,507 51,349 Commercial real estate 8,412 628 9,040 Residential real estate 66,738 — 66,738 Securities-based lending and Other 96,019 1 96,020 Total loans 226,900 12,319 239,219 ACL (1,066) (1,066) Total loans, net $ 225,834 $ 12,319 $ 238,153 Loans to non-U.S. borrowers, net $ 23,335 $ 4,763 $ 28,098 At December 31, 2023 $ in millions HFI Loans HFS Loans Total Loans Corporate $ 6,758 $ 11,862 $ 18,620 Secured lending facilities 39,498 3,161 42,659 Commercial real estate 8,678 209 8,887 Residential real estate 60,375 22 60,397 Securities-based lending and Other 89,245 1 89,246 Total loans 204,554 15,255 219,809 ACL (1,169) (1,169) Total loans, net $ 203,385 $ 15,255 $ 218,640 Loans to non-U.S. borrowers, net $ 21,152 $ 5,043 $ 26,195 Loans by Interest Rate Type At December 31, 2024 At December 31, 2023 $ in millions Fixed Rate Floating or Adjustable Rate Fixed Rate Floating or Adjustable Rate Corporate $ — $ 16,071 $ — $ 18,620 Secured lending facilities — 51,349 — 42,659 Commercial real estate — 9,041 141 8,746 Residential real estate 31,014 35,724 28,934 31,464 Securities-based lending and Other 25,478 70,542 23,922 65,323 Total loans, before ACL $ 56,492 $ 182,727 $ 52,997 $ 166,812 See Note 4 for further information regarding Loans and lending commitments held at fair value. See Note 14 for details of current commitments to lend in the future. Credit Quality The CRM evaluates new obligors before credit transactions are initially approved and at least annually thereafter for corporate and commercial real estate loans. For Corporate, Secured lending facilities and Other loans, credit evaluations typically involve the evaluation of financial statements, assessment of leverage, liquidity, capital strength, asset composition and quality, market capitalization and access to capital markets, cash flow projections and debt service requirements, and the adequacy of collateral, if applicable. The CRM also evaluates strategy, market position, industry dynamics, obligor’s management and other factors that could affect an obligor’s risk profile. For Commercial real estate loans, the credit evaluation is focused on property and transaction metrics, including property type, LTV ratio, occupancy levels, debt service ratio, prevailing capitalization rates and market dynamics. For Residential real estate and Securities-based loans, the initial credit evaluation typically includes, but is not limited to, review of the obligor’s income, net worth, liquidity, collateral, LTV ratio and credit bureau information. Subsequent credit monitoring for residential real estate loans is performed at the portfolio level. Securities-based loan collateral values are monitored on an ongoing basis. For information related to credit quality indicators considered in developing the ACL, see Note 2. Loans Held for Investment before Allowance by Credit Quality and Origination Year At December 31, 2024 At December 31, 2023 Corporate $ in millions IG NIG Total IG NIG Total Revolving $ 2,668 $ 3,963 $ 6,631 $ 2,350 $ 3,863 $ 6,213 2024 76 58 134 2023 — 50 50 — 88 88 2022 — 25 25 — 166 166 2021 15 — 15 15 89 104 2020 31 3 34 29 25 54 Prior — — — — 133 133 Total $ 2,790 $ 4,099 $ 6,889 $ 2,394 $ 4,364 $ 6,758 At December 31, 2024 At December 31, 2023 Secured Lending Facilities $ in millions IG NIG Total IG NIG Total Revolving $ 11,405 $ 27,753 $ 39,158 $ 9,494 $ 22,240 $ 31,734 2024 818 2,863 3,681 2023 1,371 1,359 2,730 1,535 1,459 2,994 2022 279 1,909 2,188 392 2,390 2,782 2021 — 198 198 — 365 365 2020 — — — — 80 80 Prior 100 787 887 356 1,187 1,543 Total $ 13,973 $ 34,869 $ 48,842 $ 11,777 $ 27,721 $ 39,498 At December 31, 2024 At December 31, 2023 Commercial Real Estate $ in millions IG NIG Total IG NIG Total Revolving $ — $ 161 $ 161 $ — $ 170 $ 170 2024 147 2,202 2,349 2023 351 772 1,123 261 1,067 1,328 2022 305 1,488 1,793 284 1,900 2,184 2021 166 1,603 1,769 370 1,494 1,864 2020 — 430 430 — 756 756 Prior — 787 787 195 2,181 2,376 Total $ 969 $ 7,443 $ 8,412 $ 1,110 $ 7,568 $ 8,678 At December 31, 2024 Residential Real Estate by FICO Scores by LTV Ratio Total $ in millions ≥ 740 680-739 ≤ 679 ≤ 80% > 80% Revolving $ 136 $ 39 $ 5 $ 180 $ — $ 180 2024 8,653 1,607 191 9,458 993 10,451 2023 6,778 1,431 201 7,529 881 8,410 2022 10,294 2,298 370 11,941 1,021 12,962 2021 10,510 2,247 228 12,094 891 12,985 2020 6,494 1,346 97 7,529 408 7,937 Prior 10,594 2,825 394 12,826 987 13,813 Total $ 53,459 $ 11,793 $ 1,486 $ 61,557 $ 5,181 $ 66,738 At December 31, 2023 Residential Real Estate by FICO Scores by LTV Ratio Total $ in millions ≥ 740 680-739 ≤ 679 ≤ 80% > 80% Revolving $ 108 $ 33 $ 8 $ 149 $ — $ 149 2023 7,390 1,517 230 8,168 969 9,137 2022 10,927 2,424 389 12,650 1,090 13,740 2021 11,075 2,376 239 12,763 927 13,690 2020 6,916 1,430 104 8,017 433 8,450 Prior 11,642 3,131 436 14,106 1,103 15,209 Total $ 48,058 $ 10,911 $ 1,406 $ 55,853 $ 4,522 $ 60,375 At December 31, 2024 Securities-based lending 1 Other 2 $ in millions IG NIG Total Revolving $ 76,432 $ 6,342 $ 1,551 $ 84,325 2024 1,291 719 453 2,463 2023 949 424 685 2,058 2022 449 472 1,053 1,974 2021 100 14 538 652 2020 39 219 497 755 Prior 231 1,211 2,350 3,792 Total $ 79,491 $ 9,401 $ 7,127 $ 96,019 At December 31, 2023 Securities-based lending 1 Other 2 $ in millions IG NIG Total Revolving $ 71,474 $ 5,230 $ 1,362 $ 78,066 2023 1,612 627 346 2,585 2022 1,128 816 804 2,748 2021 165 330 377 872 2020 — 435 414 849 Prior 215 2,096 1,814 4,125 Total $ 74,594 $ 9,534 $ 5,117 $ 89,245 IG—Investment Grade NIG—Non-investment Grade 1. Securities-based loans are subject to collateral maintenance provisions, and at December 31, 2024 and December 31, 2023, these loans are predominantly over-collateralized. For more information on the ACL methodology related to securities-based loans, see Note 2. 2. Other loans primarily include tailored lending. For a further discussion of Other loans, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” herein. Past Due Loans Held for Investment before Allowance 1 $ in millions At December 31, 2024 At December 31, 2023 Corporate $ — $ 47 Commercial real estate 272 185 Residential real estate 186 160 Securities-based lending and Other 86 1 Total $ 544 $ 393 1. As of December 31, 2024, the majority of the amounts are 90 days or more past due. As of December 31, 2023, the majority of the amounts are past due for a period of less than 90 days. Nonaccrual Loans Held for Investment before Allowance 1 $ in millions At December 31, 2024 At December 31, 2023 Corporate $ 108 $ 95 Secured lending facilities 6 87 Commercial real estate 447 426 Residential real estate 160 95 Securities-based lending and Other 298 174 Total $ 1,019 $ 877 Nonaccrual loans without an ACL $ 162 $ 86 1. There were no loans held for investment that were 90 days or more past due and still accruing as of December 31, 2024 and December 31, 2023. For further information on the Firm’s nonaccrual policy, see Note 2 to the financial statements. Loan Modifications to Borrowers Experiencing Financial Difficulty The Firm may modify the terms of certain loans for economic or legal reasons related to a borrower’s financial difficulties, and these modifications include interest rate reductions, principal forgiveness, term extensions and other-than- insignificant payment delays or a combination of these aforementioned modifications. Modified loans are typically evaluated individually for allowance for credit losses. Modified Loans Held for Investment Period-end loans held for investment modified during the following periods 1 Year Ended December 31, 2024 2023 $ in millions Amortized Cost % of Total Loans 2 Amortized Cost % of Total Loans 2 Term Extension Corporate $ 211 3.1 % $ 183 2.7 % Secured lending facilities 41 0.1 % — — % Commercial real estate 172 2.0 % 199 2.3 % Residential real estate — — % 1 0.1 % Securities-based lending and Other 138 0.1 % 145 0.2 % Total $ 562 0.4 % $ 528 0.3 % Other-than-insignificant Payment Delay Securities-based lending and Other $ — — % $ 71 0.1 % Total $ — — % $ 71 0.1 % Interest Rate Reduction Residential real estate $ 2 — % $ — — % Total $ 2 — % $ — — % Multiple Modifications - Term Extension and Interest Rate Reduction Commercial real estate $ 81 1.0 % $ — — % Residential real estate 1 — % 1 — % Total $ 82 0.1 % $ 1 — % Multiple Modifications - Term Extension and Other-than-insignificant Payment Delay Commercial real estate $ — — % $ 24 0.3 % Total $ — — % $ 24 0.3 % Total Modifications $ 646 0.3 % $ 624 0.4 % 1. Lending commitments to borrowers for which the Firm has modified terms of the receivable, during the year ended December 31, 2024 and 2023, were $746 million and $1,062 million, as of December 31, 2024 and December 31, 2023, respectively. 2. Percentage of total loans represents the percentage of modified loans to total loans held for investment by loan type. Financial Impact of Modifications on Loans Held for Investment Year Ended December 31, 2024 Term Extension Other-than-insignificant Payment Delay Principal Forgiveness ($ millions) Interest Rate Reduction Single Modifications Corporate 15 0 $ — — % Secured lending facilities 2 0 — — % Commercial real estate 11 0 — — % Residential real estate 0 0 — 1 % Securities-based lending and Other 21 0 — — % Multiple Modifications - Term Extension and Interest Rate Reduction Commercial real estate 61 0 — 2 % Residential real estate 84 0 — 1 % Year Ended December 31, 2023 1 Term Extension Other-than-insignificant Payment Delay Principal Forgiveness ($ millions) Interest Rate Reduction Single Modifications Corporate 22 0 $ — — % Commercial real estate 50 0 — — % Residential real estate 4 0 — — % Securities-based lending and Other 7 6 — — % Multiple Modifications - Term Extension and Other-than-insignificant Payment Delay Commercial real estate 7 6 $ — — % Multiple Modifications - Term Extension and Interest Rate Reduction Residential real estate 120 0 $ — 1 % 1. In instances where more than one loan was modified, modification impact is presented on a weighted-average basis. Past Due Loans Held for Investment Modified in the Last 12 months At December 31, 2024 $ in millions 30-89 Days Past Due 90+ Days Past Due Total Commercial real estate $ — 56 56 At December 31, 2023 $ in millions 30-89 Days Past Due 90+ days Total Commercial real estate $ 24 $ 21 $ 45 Residential real estate — 1 1 Total $ 24 $ 22 $ 46 At December 31, 2024, there were two commercial real estate loans held for investment with a total amortized cost of $56 million that defaulted during the year ended December 31, 2024 and had been modified in the 12 month period prior to default. There were no loans held for investment that defaulted during the year ended December 31, 2023 that had been modified in the 12 month period prior. Allowance for Credit Losses Rollforward and Allocation—Loans and Lending Commitments Year Ended December 31, 2024 $ in millions Corporate Secured Lending Facilities CRE Residential Real Estate SBL and Other Total ACL—Loans Beginning balance $ 241 $ 153 $ 463 $ 100 $ 212 $ 1,169 Gross charge-offs (39) (11) (165) — (27) (242) Recoveries — — 4 — 3 7 Net (charge-offs)/recoveries (39) (11) (161) — (24) (235) Provision (release) 2 1 77 (3) 69 146 Other (4) (3) (6) — (1) (14) Ending balance $ 200 $ 140 $ 373 $ 97 $ 256 $ 1,066 Percent of loans to total loans 1 3 % 22 % 4 % 29 % 42 % 100 % ACL—Lending commitments Beginning balance $ 431 $ 70 $ 26 $ 4 $ 20 $ 551 Provision (release) 86 19 16 — (3) 118 Other (10) (1) (2) — — (13) Ending balance $ 507 $ 88 $ 40 $ 4 $ 17 $ 656 Total ending balance $ 707 $ 228 $ 413 $ 101 $ 273 $ 1,722 Year Ended December 31, 2023 $ in millions Corporate Secured Lending Facilities CRE Residential Real Estate SBL and Other Total ACL—Loans Beginning balance $ 235 $ 153 $ 275 $ 87 $ 89 $ 839 Gross charge-offs (34) — (129) — (4) (167) Recoveries 1 — — 1 — 2 Net (charge-offs)/recoveries (33) — (129) 1 (4) (165) Provision (release) 37 — 314 13 124 488 Other 2 — 3 (1) 3 7 Ending balance $ 241 $ 153 $ 463 $ 100 $ 212 $ 1,169 Percent of loans to total loans 1 3 % 19 % 4 % 30 % 44 % 100 % ACL—Lending commitments Beginning balance $ 411 $ 51 $ 15 $ 4 $ 23 $ 504 Provision (release) 16 18 11 — (1) 44 Other 4 1 — — (2) 3 Ending balance $ 431 $ 70 $ 26 $ 4 $ 20 $ 551 Total ending balance $ 672 $ 223 $ 489 $ 104 $ 232 $ 1,720 Year Ended December 31, 2022 $ in millions Corporate Secured Lending Facilities CRE Residential Real Estate SBL and Other Total ACL—Loans Beginning balance $ 165 $ 163 $ 206 $ 60 $ 60 $ 654 Gross charge-offs — (3) (7) — (21) (31) Recoveries 6 — — 1 — 7 Net (charge-offs)/recoveries 6 (3) (7) 1 (21) (24) Provision (release) 65 (6) 80 26 51 216 Other (1) (1) (4) — (1) (7) Ending balance $ 235 $ 153 $ 275 $ 87 $ 89 $ 839 Percent of loans to total loans 1 3 % 18 % 4 % 27 % 48 % 100 % ACL—Lending commitments Beginning balance $ 356 $ 41 $ 20 $ 1 $ 26 $ 444 Provision (release) 59 10 (5) 3 (3) 64 Other (4) — — — — (4) Ending balance $ 411 $ 51 $ 15 $ 4 $ 23 $ 504 Total ending balance $ 646 $ 204 $ 290 $ 91 $ 112 $ 1,343 1. Percent of loans to total loans represents loans held for investment by loan type to total loans held for investment. The allowance for credit losses for loans and lending commitments was relatively unchanged in 2024, reflecting provisions for certain specific commercial real estate loans and growth in the corporate loan portfolio, offset by charge-offs related to commercial real estate lending, mainly in the office sector, and improvements in the macroeconomic outlook. The base scenario used in our ACL models as of December 31, 2024 was generated using a combination of consensus economic forecasts, forward rates, and internally developed and validated models. This scenario assumes continued economic growth as well as lower interest rates relative to the prior year forecast. The ACL calculation incorporates key macroeconomic variables, including U.S. real GDP growth rate. The significance of key macroeconomic variables on the ACL calculation varies depending on portfolio composition and economic conditions. Other key macroeconomic variables used in the ACL calculation include corporate credit spreads, interest rates and commercial real estate indices. See Note 2 for a description of the ACL calculated under the CECL methodology, including credit quality indicators, used for held-for-investment loans. Gross Charge-offs by Origination Year Year Ended December 31, 2024 $ in millions Corporate Secured Lending Facilities CRE Residential Real Estate SBL and Other Total Revolving $ (39) $ — $ — $ — $ — $ (39) 2022 — — (18) — — (18) 2021 — — (14) — (2) (16) 2020 — (11) — — — (11) Prior — — (133) — (25) (158) Total $ (39) $ (11) $ (165) $ — $ (27) $ (242) Year Ended December 31, 2023 $ in millions Corporate Secured Lending Facilities CRE Residential Real Estate SBL and Other Total Revolving $ (34) $ — $ — $ — $ — $ (34) 2020 — — — — (3) (3) 2019 — — (85) — (1) (86) Prior — — (44) — — (44) Total $ (34) $ — $ (129) $ — $ (4) $ (167) CRE—Commercial real estate SBL—Securities-based lending Selected Credit Ratios At At ACL for loans to total HFI loans 0.5 % 0.6 % Nonaccrual HFI loans to total HFI loans 0.4 % 0.4 % ACL for loans to nonaccrual HFI loans 104.6 % 133.3 % Employee Loans $ in millions At December 31, 2024 At December 31, 2023 Currently employed by the Firm 1 $ 4,255 $ 4,257 No longer employed by the Firm 2 83 92 Employee loans $ 4,338 $ 4,349 ACL (112) (121) Employee loans, net of ACL $ 4,226 $ 4,228 Remaining repayment term, weighted average in years 5.6 5.8 1. These loans are predominantly current. 2. These loans are predominantly past due for a period of 90 days or more. Employee loans are granted in conjunction with a program established primarily to recruit certain Wealth Management financial advisors, are full recourse and generally require periodic repayments, and are due in full upon termination of employment with the Firm. These loans are recorded in Customer and other receivables in the balance sheet. See Note 2 for a description of the CECL allowance methodology, including credit quality indicators, for employee loans.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill Rollforward $ in millions IS WM IM Total At December 31, 2022¹ $ 429 $ 10,202 $ 6,021 $ 16,652 Foreign currency (5) 2 7 4 Acquired — — 56 56 Disposals — (5) — (5) At December 31, 2023¹ $ 424 $ 10,199 $ 6,084 $ 16,707 Foreign currency (12) (8) (3) (23) Acquired 23 — — 23 Disposals — (1) — (1) At December 31, 2024¹ $ 435 $ 10,190 $ 6,081 $ 16,706 Accumulated impairments 2 $ 673 $ — $ 27 $ 700 1. Balances represent the amount of the Firm’s goodwill after accumulated impairments. 2. There were no impairments recorded in 2024, 2023 or 2022. Intangible Assets Rollforward $ in millions IS WM IM Total At December 31, 2022 $ 36 $ 3,911 $ 3,671 $ 7,618 Acquired — 9 37 46 Disposals — (13) — (13) Amortization expense (10) (481) (110) (601) Other — 1 4 5 At December 31, 2023 $ 26 $ 3,427 $ 3,602 $ 7,055 Acquired 13 — — 13 Disposals — (6) — (6) Amortization expense (10) (479) (113) (602) Other (2) (3) (2) (7) At December 31, 2024 $ 27 $ 2,939 $ 3,487 $ 6,453 Intangible Assets by Type Non-amortizable Amortizable $ in millions Gross Gross Accumulated At December 31, 2024 Management contracts $ 2,112 $ 245 $ 93 Customer relationships — 8,746 5,121 Trade names — 769 223 Other — 26 8 Total $ 2,112 $ 9,786 $ 5,445 At December 31, 2023 Management contracts 2,113 245 72 Customer relationships — 8,763 4,582 Trade names — 767 187 Other — 14 6 Total $ 2,113 $ 9,789 $ 4,847 Intangible Assets Estimated Future Amortization Expense $ in millions At December 31, 2024 2025 $ 451 2026 343 2027 340 2028 336 2029 333 The Firm’s annual goodwill and non-amortizable intangible asset impairment testing as of July 1, 2024 did not indicate any impairment. For more information, see Note 2.

Other Assets and Leases

Other Assets and Leases	12 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Other Assets and Leases	Other Assets and Leases Equity Method Investments $ in millions At December 31, 2024 At December 31, 2023 Investments $ 1,869 $ 1,915 $ in millions 2024 2023 2022 Income (loss) $ 241 $ 124 $ 39 Equity method investments, other than investments in certain fund interests, are summarized above and are included in Other assets in the balance sheet with related income or loss included in Other revenues in the income statement. See “Net Asset Value Measurements—Fund Interests” in Note 4 for the carrying value of certain of the Firm’s fund interests, which are composed of general and limited partnership interests, as well as any related carried interest. Japanese Securities Joint Venture $ in millions 2024 2023 2022 Income (loss) from investment in MUMSS $ 146 $ 129 $ 35 The Firm and Mitsubishi UFJ Financial Group, Inc. (“MUFG”) formed a joint venture in Japan comprising their respective investment banking and securities businesses by forming two joint venture companies, Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. (“MUMSS”) and Morgan Stanley MUFG Securities Co., Ltd. (“MSMS”) (collectively, the “Joint Venture”). The Firm owns a 40% economic interest in the Joint Venture, and MUFG owns the other 60%. The Firm’s 40% voting interest in MUMSS is accounted for under the equity method within the Institutional Securities business segment and is included in the equity method investment balances above. The Firm consolidates MSMS into the Institutional Securities business segment, based on its 51% voting interest. The Firm engages in transactions in the ordinary course of business with MUFG and its affiliates; for example, investment banking, financial advisory, sales and trading, derivatives, investment management, lending, securitization and other financial services transactions. Such transactions are on substantially the same terms as those that would be available to unrelated third parties for comparable transactions. Additionally, during 2024 the Firm further expanded its alliance with MUFG to collaborate in the foreign exchange trading and Japanese research and equity businesses for institutional clients. Tax Equity Investments The Firm invests in tax equity investment interests which entitle the Firm to a share of tax credits and other income tax benefits generated by the projects underlying the investments. Effective January 1, 2024, the Firm made an election to account for certain renewable energy and other tax equity investments programs using the proportional amortization method under newly adopted accounting guidance. Tax Equity Investments under the Proportional Amortization Method $ in millions At At Low-income housing 1 $ 1,787 $ 1,699 Renewable energy and other 2 67 — Total 3 $ 1,854 $ 1,699 1. Amounts include unfunded equity contributions of $613 million and $661 million as of December 31, 2024 and December 31, 2023, respectively. The corresponding liabilities for the commitments to fund these equity contributions are recorded in Other liabilities and accrued expenses. The majority of these commitments are expected to be funded within 5 years. 2. Prior to adoption of the Investments - Tax Credit Structures accounting update on January 1, 2024, Renewable energy and other investments were accounted for under the equity method. 3. At December 31, 2024, this amount excludes $48 million of tax equity investments within programs for which the Firm elected the proportional amortization method that do not meet the conditions to apply the proportional amortization method, which are accounted for as equity method investments. Income tax credits and other income tax benefits recognized as well as proportional amortization are included in the Provision for income taxes line in the consolidated income statement and in the Depreciation and amortization line in the consolidated cash flow statement. Net Benefits Attributable to Tax Equity Investments under the Proportional Amortization Method $ in millions 2024 2023 2022 Income tax credits and other income tax benefits $ 301 $ 237 $ 208 Proportional amortization (239) (197) (174) Net benefits $ 62 $ 40 $ 34 Leases The Firm’s leases are principally non-cancelable operating real estate leases. Balance Sheet Amounts Related to Leases $ in millions At December 31, 2024 At December 31, 2023 Other assets—ROU assets $ 4,114 $ 4,368 Other liabilities and accrued expenses—Lease liabilities 4,937 5,417 Weighted average: Remaining lease term, in years 8.5 8.7 Discount rate 4.3 % 4.0 % Lease Liabilities $ in millions At December 31, 2024 At December 31, 2023 2024 $ 913 2025 $ 772 846 2026 790 774 2027 736 716 2028 716 644 2029 562 500 Thereafter 2,405 2,137 Total undiscounted cash flows 5,981 6,530 Imputed interest (1,044) (1,113) Amount on balance sheet $ 4,937 $ 5,417 Committed leases not yet commenced $ 63 $ 248 Lease Costs $ in millions 2024 2023 2022 Fixed costs $ 917 $ 938 $ 841 Variable costs 1 181 206 170 Less: Sublease income (6) (10) (7) Total lease cost, net $ 1,092 $ 1,134 $ 1,004 1. Includes common area maintenance charges and other variable costs not included in the measurement of ROU assets and lease liabilities. Cash Flows Statement Supplemental Information $ in millions 2024 2023 2022 Cash outflows—Lease liabilities $ 942 $ 892 $ 881 Non-cash—ROU assets recorded for new and modified leases 489 1,055 544 Occupancy lease agreements, in addition to base rentals, generally provide for rent and operating expense escalations resulting from increased assessments for real estate taxes and other charges.

Deposits

Deposits	12 Months Ended
	Dec. 31, 2024
Deposits [Abstract]
Deposits	Deposits Deposits $ in millions At At Savings and demand deposits $ 299,898 $ 288,252 Time deposits 76,109 63,552 Total deposits $ 376,007 $ 351,804 Deposits subject to FDIC insurance $ 298,351 $ 276,598 Deposits not subject to FDIC insurance $ 77,656 $ 75,206 Time Deposit Maturities $ in millions At December 31, 2024 2025 $ 38,046 2026 18,016 2027 9,433 2028 6,047 2029 4,148 Thereafter 419 Total $ 76,109 Uninsured Non-U.S. Time Deposit Maturities $ in millions At Less than 3 months $ 2,659 3 - 6 months 431 6 - 12 months 390 Over 12 months — Total $ 3,480 Deposits in U.S. Bank Subsidiaries from Non-U.S. Depositors $ in millions At December 31, 2024 At December 31, 2023 Deposits in U.S. bank subsidiaries from non-U.S. depositors $ 700 $ 880

Borrowings and Other Secured Fi

Borrowings and Other Secured Financings	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Borrowings and Other Secured Financings	Borrowings and Other Secured Financings Maturities and Terms of Borrowings Parent Company Subsidiaries At December 31, 2024 At December 31, 2023 $ in millions Fixed Rate 1 Variable Rate 2 Fixed Rate 1 Variable Rate 2 Original maturities of one year or less: Next 12 months $ — $ — $ 146 $ 4,366 $ 4,512 $ 3,188 Original maturities greater than one year: 2024 $ 20,151 2025 $ 6,617 $ 927 $ 2,672 $ 11,705 $ 21,921 35,523 2026 23,288 1,450 3,828 9,403 37,969 35,423 2027 18,833 1,883 3,452 9,882 34,050 25,338 2028 12,478 1,366 5,808 9,067 28,719 21,239 2029 16,129 189 1,278 8,563 26,159 22,193 Thereafter 96,378 2,508 11,499 25,104 135,489 100,677 Total greater than one year $ 173,723 $ 8,323 $ 28,537 $ 73,724 $ 284,307 $ 260,544 Total $ 173,723 $ 8,323 $ 28,683 $ 78,090 $ 288,819 $ 263,732 Weighted average coupon at period end 3 3.9 % 4.9 % 5.1 % 5.9 % 4.1 % 3.6 % 1. Fixed rate borrowings include instruments with step-up, step-down and zero coupon features. 2. Variable rate borrowings include those that bear interest based on a variety of indices, including SOFR and federal funds rates, in addition to certain notes carried at fair value with various payment provisions, including notes linked to the performance of a specific index, a basket of stocks, a specific equity security, a commodity, a credit exposure or basket of credit exposures. 3. Only includes borrowings with original maturities greater than one year. Weighted average coupon is calculated utilizing U.S. and non-U.S. dollar interest rates and excludes the effect of related hedging derivatives and financial instruments for which the fair value option was elected. See “Rates for Borrowings with Original Maturities Greater than One Year” table herein for more information. Borrowings with Original Maturities Greater than One Year $ in millions At December 31, 2024 At December 31, 2023 Senior $ 270,594 $ 248,174 Subordinated 13,713 12,370 Total $ 284,307 $ 260,544 Weighted average stated maturity, in years 6.6 6.6 Certain senior debt securities are denominated in various non-U.S. dollar currencies and may be structured to provide a return that is linked to equity, credit, commodity or other indices (e.g., the consumer price index). Senior debt also may be structured to be callable by the Firm or extendible at the option of holders of the senior debt securities. The Firm’s Borrowings include notes carried and managed on a fair value basis. These include instruments whose payments and redemption values are linked to the performance of a specific index, a basket of stocks, a specific equity security, a commodity, a credit exposure or basket of credit exposures; and instruments with various interest rate-related features, including step-ups, step-downs and zero coupons. Also included are unsecured contracts that are not classified as OTC derivatives because they fail initial net investment criteria. To minimize the exposure from such instruments, the Firm has entered into various swap contracts and purchased options that effectively convert the borrowing costs into floating rates. The swaps and purchased options used to economically hedge the embedded features are derivatives and also are carried at fair value. Changes in fair value related to the notes and economic hedges are reported in Trading revenues. See Notes 2 and 5 for further information on borrowings carried at fair value. Senior Debt Subject to Put Options or Liquidity Obligations $ in millions At December 31, 2024 At December 31, 2023 Put options embedded in debt agreements $ 429 $ 1,571 Liquidity obligations 1 $ 3,597 $ 3,166 1. Includes obligations to support secondary market trading. Subordinated Debt 2024 2023 Contractual weighted average coupon 4.5 % 4.3 % Subordinated debt generally is issued to meet the capital requirements of the Firm or its regulated subsidiaries and primarily is U.S. dollar denominated. Maturities of subordinated debt range from 2025 to 2039. Rates for Borrowings with Original Maturities Greater than One Year At December 31, 2024 2023 2022 Contractual weighted average coupon 1 4.1 % 3.6 % 3.2 % Weighted average coupon after hedging derivatives 5.6 % 6.5 % 5.1 % 1. Weighted average coupon was calculated utilizing U.S. and non-U.S. dollar interest rates and excludes financial instruments for which the fair value option was elected. In general, other than securities inventories and customer balances financed by secured funding sources, the majority of the Firm’s assets are financed with a combination of deposits, short-term funding, floating rate long-term debt or fixed rate long-term debt swapped to a floating rate. The Firm uses interest rate swaps to more closely match these borrowings to the duration, holding period and interest rate characteristics of the assets being funded and to manage interest rate risk. These swaps effectively convert certain of the Firm’s fixed rate borrowings into floating rate obligations. In addition, for non-U.S. dollar currency borrowings that are not used to fund assets in the same currency, the Firm has entered into currency swaps that effectively convert the borrowings into U.S. dollar obligations. The Firm’s use of swaps for asset and liability management affects its effective average borrowing rate. Other Secured Financings $ in millions At December 31, 2024 At December 31, 2023 Original maturities: One year or less $ 17,133 $ 5,732 Greater than one year 4,469 6,923 Total $ 21,602 $ 12,655 Transfers of assets accounted for as secured financings 10,275 5,848 Maturities and Terms of Other Secured Financings 1 At December 31, 2024 At $ in millions Fixed Variable Rate 2 Total Original maturities of one year or less: Next 12 months $ 3,055 $ 3,951 $ 7,006 $ 8 Original maturities greater than one year: 2024 $ 5,085 2025 $ — $ 2,389 $ 2,389 95 2026 7 683 690 92 2027 — 107 107 — 2028 — 453 453 434 2029 — — — — Thereafter 7 675 682 1,093 Total $ 14 $ 4,307 $ 4,321 $ 6,799 Weighted average coupon at period-end 3 4.6 % 4.9 % 4.6 % 5.6 % 1. Excludes transfers of assets accounted for as secured financings. See subsequent table. 2. Variable rate other secured financings bear interest based on a variety of indices, including SOFR and federal funds rates. Amounts include notes carried at fair value with various payment provisions, including notes linked to equity, credit, commodity or other indices. 3. Includes only other secured financings with original maturities greater than one year. Weighted average coupon is calculated utilizing U.S. and non-U.S. dollar interest rates and excludes other secured financings that are linked to non-interest indices and for which the fair value option was elected. Other secured financings include the liabilities related to collateralized notes, transfers of financial assets that are accounted for as financings rather than sales and consolidated VIEs where the Firm is deemed to be the primary beneficiary. These liabilities are generally payable from the cash flows of the related assets accounted for as Trading assets. See Note 15 for further information on other secured financings related to VIEs and securitization activities. Maturities of Transfers of Assets Accounted for as Secured Financings 1 $ in millions At December 31, 2024 At December 31, 2023 2024 $ — $ 5,749 2025 10,184 9 2026 42 36 2027 5 21 2028 12 11 2029 5 3 Thereafter 27 19 Total $ 10,275 $ 5,848 1. Excludes Securities sold under agreements to repurchase and Securities loaned.

Commitments, Guarantees and Con

Commitments, Guarantees and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments, Guarantees and Contingencies	Commitments, Guarantees and Contingencies Commitments Years to Maturity at December 31, 2024 $ in millions Less than 1 1-3 3-5 Over 5 Total Lending: Corporate $ 17,393 $ 40,373 $ 64,851 $ 6,357 $ 128,974 Secured lending facilities 6,894 6,646 7,169 3,874 24,583 Commercial and Residential real estate 762 404 126 411 1,703 Securities-based lending and Other 16,453 3,418 788 612 21,271 Forward-starting secured financing receivables 1 122,535 1,503 — — 124,038 Central counterparty 300 — — 20,747 21,047 Investment activities 1,509 107 84 466 2,166 Letters of credit and other financial guarantees 39 2 — 6 47 Total $ 165,885 $ 52,453 $ 73,018 $ 32,473 $ 323,829 Lending commitments participated to third parties $ 10,859 1. These amounts primarily include secured financing receivables yet to settle as of December 31, 2024, with settlement generally occurring within three business days. These amounts also include commitments to enter into certain collateralized financing transactions. Since commitments associated with these instruments may expire unused, the amounts shown do not necessarily reflect the actual future cash funding requirements. Types of Commitments Lending Commitments. Lending commitments primarily represent the notional amount of legally binding obligations to provide funding to clients for different types of loan transactions. For syndications that are led by the Firm, the lending commitments accepted by the borrower but not yet closed are net of the amounts agreed to by counterparties that will participate in the syndication. For syndications that the Firm participates in and does not lead, lending commitments accepted by the borrower but not yet closed include only the amount that the Firm expects it will be allocated from the lead syndicate bank. Due to the nature of the Firm’s obligations under the commitments, these amounts include certain commitments participated to third parties. Forward-Starting Secured Financing Receivables. These amounts include securities purchased under agreements to resell and securities borrowed that the Firm has entered into prior to the balance sheet date that will settle after the balance sheet date. These transactions are primarily secured by collateral from U.S. government agency securities and other sovereign government obligations when they are funded. Central Counterparty. These commitments relate to the Firm’s membership in certain clearinghouses and are contingent upon the default of a clearinghouse member or other stress events. Underwriting Commitments. The Firm provides underwriting commitments in connection with its capital raising sources to a diverse group of corporate and other institutional clients. Investment Activities. The Firm sponsors several non-consolidated investment management funds for third-party investors where it typically acts as general partner of, and investment adviser to, these funds and typically commits to invest a minority of the capital of such funds, with subscribing third-party investors contributing the majority. The Firm has contractual capital commitments, guarantees and counterparty arrangements with respect to these investment management funds. Letters of Credit and Other Financial Guarantees. The Firm has outstanding letters of credit and other financial guarantees issued by third-party banks to certain of the Firm’s counterparties. The Firm is contingently liable for these letters of credit and other financial guarantees, which are primarily used to provide collateral for securities and commodities traded and to satisfy various margin requirements in lieu of depositing cash or securities with these counterparties. Guarantees At December 31, 2024 Maximum Potential Payout/Notional of Obligations by Years to Maturity Carrying $ in millions Less than 1 1-3 3-5 Over 5 Non-credit derivatives 1 1,161,382 626,951 152,534 460,222 (40,849) Standby letters of credit and other financial guarantees issued 2,3 1,599 732 1,031 2,581 18 Liquidity facilities 2,453 — — — 2 Whole loan sales guarantees 24 63 — 23,050 — Securitization representations and warranties 4 — — — 87,305 — General partner guarantees 180 133 53 35 (98) Client clearing guarantees 816 — — — — 1. The carrying amounts of derivative contracts that meet the accounting definition of a guarantee are shown on a gross basis. For further information on derivative contracts, see Note 6. 2. These amounts include certain issued standby letters of credit participated to third parties, totaling $0.6 billion of notional and collateral/recourse, due to the nature of the Firm’s obligations under these arrangements. 3. As of December 31, 2024, the carrying amount of standby letters of credit and other financial guarantees issued includes an allowance for credit losses of $56 million. 4. Related to commercial, residential mortgage and asset backed securitizations. Types of Guarantees Non-Credit Derivatives. Certain derivative contracts meet the accounting definition of a guarantee, including certain written options, contingent-forward contracts and CDS (see Note 6 regarding credit derivatives in which the Firm has sold credit protection to the counterparty which are excluded from the previous table). For non-credit derivative contracts that meet the accounting definition of a guarantee, the notional amount is used as the maximum potential payout for certain derivative contracts, such as written interest rate caps and written foreign currency options. The Firm evaluates collateral requirements for all derivatives, including derivatives that do not meet the accounting definition of a guarantee. For the effects of cash collateral and counterparty netting, see Note 6. In certain situations, collateral may be held by the Firm for those contracts that meet the definition of a guarantee. Generally, the Firm sets collateral requirements by counterparty so that the collateral covers various transactions and products and is not allocated specifically to individual contracts. Also, the Firm may recover amounts related to the underlying asset delivered to the Firm under the derivative contract. Standby Letters of Credit and Other Financial Guarantees Issued. Generally, in connection with its lending businesses, the Firm provides standby letters of credit and other financial guarantees to counterparties. Such arrangements represent obligations to make payments to third parties if the counterparty fails to fulfill its obligation under a borrowing arrangement or other contractual obligation. A majority of the Firm’s standby letters of credit are provided on behalf of counterparties that are investment grade. If the counterparty fails to fulfill its contractual obligation, the Firm has access to collateral or recourse that would approximate its obligation. Liquidity Facilities. The Firm has entered into liquidity facilities with SPEs and other counterparties, whereby the Firm is required to make certain payments if losses or defaults occur. Primarily, the Firm acts as liquidity provider to municipal bond securitization SPEs and for stand-alone municipal bonds in which the holders of beneficial interests issued by these SPEs or the holders of the individual bonds, respectively, have the right to tender their interests for purchase by the Firm on specified dates at a specified price. The Firm often may have recourse to the underlying assets held by the SPEs in the event payments are required under such liquidity facilities, as well as make-whole or recourse provisions with the trust sponsors. The recourse amount often exceeds the maximum potential payout amount of the guarantee. Substantially all of the underlying assets in the SPEs are investment grade. Liquidity facilities provided to municipal tender option bond trusts are classified as derivatives. Whole Loan Sales Guarantees. The Firm has provided, or otherwise agreed to be responsible for, representations and warranties regarding certain whole loan sales. Under certain circumstances, the Firm may be required to repurchase such assets or make other payments related to such assets if such representations and warranties are breached. The Firm’s maximum potential payout related to such representations and warranties is equal to the current UPB of such loans. Since the Firm no longer services these loans, it has no information on the current UPB of those loans, and, accordingly, the amount included in the previous table represents the UPB at the time of the whole loan sale or at the time when the Firm last serviced any of those loans. The current UPB balances could be substantially lower than the maximum potential payout amount included in the previous table. The related liability primarily relates to sales of loans to the federal mortgage agencies. Securitization Representations and Warranties. As part of the Firm’s Institutional Securities business segment’s securitizations and related activities, the Firm has provided, or otherwise agreed to be responsible for, representations and warranties regarding certain assets transferred in securitization transactions sponsored by the Firm. The extent and nature of the representations and warranties, if any, vary among different securitizations. Under certain circumstances, the Firm may be required to repurchase certain assets or make other payments related to such assets if such representations and warranties are breached. The maximum potential amount of future payments the Firm could be required to make would be equal to the current outstanding balances of, or losses associated with, the assets subject to breaches of such representations and warranties. The amount included in the previous table for the maximum potential payout includes the current UPB or historical losses where known and the UPB at the time of sale when the current UPB is not known. General Partner Guarantees. As a general partner in certain investment management funds, the Firm receives certain distributions from the partnerships when the return exceeds specified performance targets according to the provisions of the partnership agreements. The Firm may be required to return all or a portion of such distributions to the limited partners in the event the limited partners do not achieve a certain return as specified in the various partnership agreements, subject to certain limitations. Client Clearing Guarantees. The Firm is a sponsoring member of the Government Securities Division of the FICC’s Sponsored Clearing Model. Clients of the Firm, as sponsored members, can transact in overnight and term securities repurchase and resale agreements, which are cleared through the FICC. As sponsoring member, the Firm guarantees to the FICC the prompt and full payment and performance of its clients’ obligations. In 2020, the FICC’s sponsored clearing model was updated such that the Firm could be responsible for liquidation of a sponsored member’s account and guarantees any resulting loss to the FICC in the event the sponsored member fails to fully pay any net liquidation amount due from the sponsored member to the FICC. Accordingly, the Firm’s maximum potential payout amount reflects the total of the estimated net liquidation amounts for sponsored member accounts. The Firm minimizes credit exposure under this guarantee by obtaining a security interest in its sponsored member clients’ collateral and their contractual rights under sponsored member transactions. Therefore, the Firm’s exposure is estimated to be an amount substantially lower than the maximum potential payout amount. The collateral amount in which the Firm has a security interest is approximately equal to the maximum potential payout amount of the guarantee. Other Guarantees and Indemnities In the normal course of business, the Firm provides guarantees and indemnifications in a variety of transactions. These provisions generally are standard contractual terms. Certain of these guarantees and indemnifications are described below: • Indemnities . The Firm provides standard indemnities to counterparties for certain contingent exposures and taxes, including U.S. and foreign withholding taxes, on interest and other payments made on derivatives, securities and stock lending transactions, certain annuity products and other financial arrangements. These indemnity payments could be required based on a change in the tax laws, a change in interpretation of applicable tax rulings or a change in factual circumstances. Certain contracts contain provisions that enable the Firm to terminate the agreement upon the occurrence of such events. The Firm may also provide indemnities when it sells a business or assets to a third-party, pursuant to which it indemnifies the third-party for losses incurred on assets acquired or liabilities assumed or due to actions taken by the Firm prior to the sale of the business or assets. The Firm expects the risk of loss associated with indemnities related to the sale of businesses or assets to be remote. The maximum potential amount of future payments that the Firm could be required to make under these indemnifications cannot be estimated. • Market Value Guarantees. Market value guarantees are issued to guarantee timely payment of a specified return to investors in certain affordable housing tax credit funds. These guarantees are designed to return an investor’s contribution to a fund and the investor’s share of tax losses and tax credits expected to be generated by a fund. • Exchange/Clearinghouse Member Guarantees. The Firm is a member of various exchanges and clearinghouses that trade and clear securities and/or derivative contracts. Associated with its membership, the Firm may be required to pay a certain amount as determined by the exchange or the clearinghouse in case of a default of any of its members or pay a proportionate share of the financial obligations of another member that may default on its obligations to the exchange or the clearinghouse. While the rules governing different exchange or clearinghouse memberships and the forms of these guarantees may vary, in general the Firm’s obligations under these rules would arise only if the exchange or clearinghouse had previously exhausted its resources. In addition, some clearinghouse rules require members to assume a proportionate share of losses resulting from the clearinghouse’s investment of guarantee fund contributions and initial margin and of other losses unrelated to the default of a clearing member, if such losses exceed the specified resources allocated for such purpose by the clearinghouse. The maximum potential payout under these rules cannot be estimated. The Firm has not recorded any contingent liability in its financial statements for these agreements and believes that any potential requirement to make payments under these agreements is remote. • Futures and Over-the-Counter Derivatives Clearing. The Firm provides clearing services on central counterparty clearinghouses (“CCPs”) for clients that need to clear exchange-traded and OTC derivatives contracts with CCPs. The Firm acts as an agent in its role as clearing member for these client transactions. As such, the Firm does not reflect the underlying exchange-traded or OTC derivatives contracts in its Consolidated Financial Statements. See Note 6 for a discussion of the Firm’s derivatives activities that are reflected in its Consolidated Financial Statements. • Merger and Acquisition Guarantees. The Firm may, from time to time, in its role as investment banking advisor be required to provide guarantees in connection with certain European merger and acquisition transactions. If required by the regulating authorities, the Firm provides a guarantee that the acquirer in the transaction has or will have sufficient funds to complete the transaction and would then be required to make the acquisition payments in the event the acquirer’s funds are insufficient at the completion date of the transaction. These arrangements generally cover the time frame from the transaction offer date to its closing date and, therefore, are generally short term in nature. The Firm believes the likelihood of any payment by the Firm under these arrangements is remote given the level of its due diligence in its role as investment banking advisor. In addition, in the ordinary course of business, the Firm guarantees the debt and/or certain trading obligations (including obligations associated with derivatives, foreign exchange contracts and the settlement of physical commodities) of certain subsidiaries. These guarantees generally are entity or product specific and are required by investors or trading counterparties. The activities of the Firm’s subsidiaries covered by these guarantees (including any related debt or trading obligations) are included in the financial statements. Finance Subsidiary The Parent Company fully and unconditionally guarantees the securities issued by Morgan Stanley Finance LLC, a wholly owned finance subsidiary. No other subsidiary of the Parent Company guarantees these securities. Contingencies Legal In addition to the matters described below, in the normal course of business, the Firm has been named, from time to time, as a defendant in various legal actions, including arbitrations, class actions and other litigation, arising in connection with its activities as a global diversified financial services institution. Certain of the actual or threatened legal actions include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. In some cases, the third-party entities that are, or would otherwise be, the primary defendants in such cases are bankrupt, in financial distress, or may not honor applicable indemnification obligations. These actions have included, but are not limited to, antitrust claims, claims under various false claims act statutes, and matters arising from our wealth management businesses, sales and trading businesses, and our activities in the capital markets. The Firm is also involved, from time to time, in other reviews, investigations and proceedings (both formal and informal) by governmental or other regulatory agencies regarding the Firm’s business, and involving, among other matters, sales, financing, prime brokerage, market-making activities, investment banking advisory services, capital markets activities, financial products or offerings sponsored, underwritten or sold by the Firm, wealth and investment management services, and accounting and operational matters, certain of which may result in adverse judgments, settlements, fines, penalties, disgorgement, restitution, forfeiture, injunctions, limitations on our ability to conduct certain business, or other relief. The Firm contests liability and/or the amount of damages as appropriate in each pending matter. Where available information indicates that it is probable a liability had been incurred at the date of the financial statements and the Firm can reasonably estimate the amount of that loss or the range of loss, the Firm accrues an estimated loss by a charge to income, including with respect to certain of the individual proceedings or investigations described below. $ in millions 2024 2023 2022 Legal expenses $ 106 $ 488 $ 443 The Firm’s legal expenses can, and may in the future, fluctuate from period to period, given the current environment regarding government or regulatory agency investigations and private litigation affecting global financial services firms, including the Firm. In many legal proceedings and investigations, it is inherently difficult to determine whether any loss is probable or reasonably possible, or to estimate the amount of any loss. In addition, even where the Firm has determined that a loss is probable or reasonably possible or an exposure to loss or range of loss exists in excess of the liability already accrued with respect to a previously recognized loss contingency, the Firm may be unable to reasonably estimate the amount of the loss or range of loss. It is particularly difficult to determine if a loss is probable or reasonably possible, or to estimate the amount of loss, where the factual record is being developed or contested or where plaintiffs or government entities seek substantial or indeterminate damages, restitution, forfeiture, disgorgement or penalties. Numerous issues may need to be resolved in an investigation or proceeding before a determination can be made that a loss or additional loss (or range of loss or range of additional loss) is probable or reasonably possible, or to estimate the amount of loss, including through potentially lengthy discovery or determination of important factual matters, determination of issues related to class certification, the calculation of damages or other relief, and consideration of novel or unsettled legal questions relevant to the proceedings or investigations in question. The Firm has identified below any individual proceedings or investigations where the Firm believes a material loss to be reasonably possible. In certain legal proceedings in which the Firm has determined that a material loss is reasonably possible, the Firm is unable to reasonably estimate the loss or range of loss. There are other matters in which the Firm has determined a loss or range of loss to be reasonably possible, but the Firm does not believe, based on current knowledge and after consultation with counsel, that such losses could have a material adverse effect on the Firm’s financial statements as a whole, although the outcome of such proceedings or investigations may significantly impact the Firm’s business or results of operations for any particular reporting period, or cause significant reputational harm. While the Firm has identified below certain proceedings or investigations that the Firm believes to be material, individually or collectively, there can be no assurance that material losses will not be incurred from claims that have not yet been asserted or those where potential losses have not yet been determined to be probable or reasonably possible. Antitrust Related Matters The Firm and other financial institutions are responding to a number of governmental investigations and civil litigation matters related to allegations of anticompetitive conduct in various aspects of the financial services industry, including the matters described below. Beginning in February of 2016, the Firm was named as a defendant in multiple purported antitrust class actions now consolidated into a single proceeding in the United States District Court for the Southern District of New York (“SDNY”) styled In Re: Interest Rate Swaps Antitrust Litigation . Plaintiffs allege, inter alia, that the Firm, together with a number of other financial institution defendants, violated U.S. and New York state antitrust laws from 2008 through December of 2016 in connection with alleged efforts to prevent the development of electronic exchange-based platforms for interest rate swaps trading. Complaints were filed both on behalf of a purported class of investors who purchased interest rate swaps from defendants, as well as on behalf of three operators of swap execution facilities that allegedly were thwarted by the defendants in their efforts to develop such platforms. The consolidated complaints seek, inter alia, certification of the investor class of plaintiffs and treble damages. On July 28, 2017, the court granted in part and denied in part the defendants’ motion to dismiss the complaints. On December 15, 2023, the court denied the class plaintiffs’ motion for class certification. On December 29, 2023, the class plaintiffs petitioned the United States Court of Appeals for the Second Circuit for leave to appeal that decision. On February 28, 2024, the parties reached an agreement in principle to settle the class claims. On July 11, 2024, the court granted preliminary approval of the settlement. The Firm is a defendant in three antitrust class action complaints which have been consolidated into one proceeding in the United States District Court for the SDNY under the caption City of Philadelphia, et al. v. Bank of America Corporation, et al. Plaintiffs allege, inter alia, that the Firm, together with a number of other financial institution defendants, violated U.S. antitrust laws and relevant state laws in connection with alleged efforts to artificially inflate interest rates for Variable Rate Demand Obligations (“VRDO”). The consolidated complaint seeks, inter alia, certification of the class of plaintiffs and treble damages. The complaint was filed on behalf of a class of municipal issuers of VRDO for which defendants served as remarketing agent. On November 2, 2020, the court granted in part and denied in part the defendants’ motion to dismiss the consolidated complaint, dismissing state law claims, but denying dismissal of the U.S. antitrust claims. On September 21, 2023, the court granted plaintiffs’ motion for class certification. On February 5, 2024, the United States Court of Appeals for the Second Circuit granted leave to appeal that decision. European Matters Tax In matters styled Case number 15/3637 and Case number 15/4353 , the Dutch Tax Authority (“Dutch Authority”) challenged in the Dutch courts the prior set-off by the Firm of approximately €124 million (approximately $128 million) plus accrued interest of withholding tax credits against the Firm’s corporation tax liabilities for the tax years 2007 to 2012. The Dutch Authority alleged that the Firm was not entitled to receive the withholding tax credits on the basis, inter alia, that a Firm subsidiary did not hold legal title to certain securities subject to withholding tax on the relevant dates. On April 26, 2018, the District Court in Amsterdam issued a decision dismissing the Dutch Authority’s claims with respect to certain of the tax years in dispute. On May 12, 2020, the Court of Appeal in Amsterdam granted the Dutch Authority’s appeal in matters re-styled Case number 18/00318 and Case number 18/00319 . On January 19, 2024, the Dutch High Court granted the Firm’s appeal in matters re-styled Case number 20/01884 and referred the case to the Court of Appeal in The Hague. On November 11, 2024, the Firm reached an agreement to settle the Dutch Authority’s challenges for the tax years 2007 to 2012 and made payment of the prior set-off amounts and interest indicated above. The case has been withdrawn. On June 22, 2021, Dutch criminal authorities sought various documents in connection with an investigation of the Firm related to the civil claims asserted by the Dutch Authority concerning the accuracy of the Firm subsidiary’s tax returns for 2007 to 2012. The Dutch criminal authorities have requested additional information, and the Firm is continuing to respond to them in connection with their ongoing investigation, and is engaging with them as the criminal process progresses. U.K. Government Bond Matter On February 21, 2025, the U.K. Competition and Markets Authority announced a settlement with the Firm, as well as other financial institutions, in connection with its investigation of suspected anti-competitive arrangements in the financial services sector, specifically regarding the Firm’s activities concerning certain liquid fixed income products between 2009 and 2012. Separately, on June 16, 2023, the Firm was named as a defendant in a purported antitrust class action in the United States District Court for the SDNY styled Oklahoma Firefighters Pension and Retirement System v. Deutsche Bank Aktiengesellschaft, et al. , alleging, inter alia, that the Firm, together with a number of other financial institution defendants, violated U.S. antitrust laws in connection with their alleged effort to fix prices of gilts traded in the United States between 2009 and 2013. The complaint seeks, inter alia, certification of the class of plaintiffs and treble damages. On September 16, 2024, the court granted defendants’ joint motion to dismiss, and the complaint was dismissed without prejudice. The Firm and certain other defendants have reached an agreement in principle to settle the U.S. litigation. Other On August 13, 2021, the plaintiff in Camelot Event Driven Fund, a Series of Frank Funds Trust v. Morgan Stanley & Co. LLC, et al. filed in the Supreme Court of the State of New York, New York County (“Supreme Court of NY”) a purported class action complaint alleging violations of federal securities laws against ViacomCBS (“Viacom”), certain of its officers and directors, and the underwriters, including the Firm, of two March 2021 Viacom offerings: a $1.7 billion Viacom Class B Common Stock offering and a $1 billion offering of 5.75% Series A Mandatory Convertible Preferred Stock (collectively, the “Offerings”). The complaint seeks certification of the class of plaintiffs and unspecified compensatory damages and alleges, inter alia, that the Viacom offering documents for both issuances contained material misrepresentations and omissions because they did not disclose that certain of the underwriters, including the Firm, had prime brokerage relationships and/or served as counterparties to certain derivative transactions with Archegos Capital Management LP (“Archegos”), a fund with significant exposure to Viacom securities across multiple prime brokers. The complaint also alleges that the offering documents did not adequately disclose the risks associated with Archegos’s concentrated Viacom positions at the various prime brokers, including that the unwind of those positions could have a deleterious impact on the stock price of Viacom. On November 5, 2021, the complaint was amended to add allegations that defendants failed to disclose that certain underwriters, including the Firm, had intended to unwind Archegos’s Viacom positions while simultaneously distributing the Offerings. On February 6, 2023, the court issued a decision denying motions to dismiss as to the Firm and the other underwriters, but granting the motion to dismiss as to Viacom and the Viacom individual defendants. On February 15, 2023, the underwriters, including the Firm, filed their notices of appeal of the denial of their motions to dismiss. On March 10, 2023, the plaintiff appealed the dismissal of Viacom and the individual Viacom defendants. On April 4, 2024, the Appellate Division upheld the lower court’s decision as to the Firm and other underwriter defendants that had prime brokerage relationships and/or served as counterparties to certain derivative transactions with Archegos, dismissed the remaining underwriters, and upheld the dismissal of Viacom and its officers and directors. On July 25, 2024, the Appellate Division denied the plaintiff’s and the Firm’s respective motions for leave to reargue or appeal the April 4, 2024 decision. On January 4, 2024, the court granted the plaintiff’s motion for class certification, which the defendants have appealed. On May 17, 2013, the plaintiff in IKB International S.A. in Liquidation, et al. v. Morgan Stanley, et al. filed a complaint against the Firm and certain affiliates in the Supreme Court of NY. The complaint alleges that defendants made material misrepresentations and omissions in the sale to the plaintiff of certain mortgage pass-through certificates backed by securitization trusts containing residential mortgage loans. The total amount of certificates allegedly sponsored, underwritten and/or sold by the Firm to the plaintiff was approximately $133 million. The complaint alleges causes of action against the Firm for common law fraud, fraudulent concealment, aiding and abetting fraud, and negligent misrepresentation, and seeks, inter alia, compensatory and punitive damages. On October 29, 2014, the court granted in part and denied in part the Firm’s motion to dismiss. All claims regarding four certificates were dismissed. After these dismissals, the remaining amount of certificates allegedly issued by the Firm or sold to the plaintiff by the Firm was approximately $116 million. On August 11, 2016, the Appellate Division affirmed the trial court’s order denying in part the Firm’s motion to dismiss the complaint. On July 15, 2022, the Firm filed a motion for summary judgment on all remaining claims. On March 1, 2023, the court granted in part and denied in part the Firm’s motion for summary judgment, narrowing the alleged misrepresentations at issue in the case. On March 26, 2024, the Appellate Division affirmed the trial court’s summary judgment order. On August 27, 2024, the plaintiff notified the court that in light of the court’s rulings to exclude certain evidence at trial, the plaintiff could not prove its claims at trial, and requested that the court dismiss the case

Variable Interest Entities and

Variable Interest Entities and Securitization Activities	12 Months Ended
	Dec. 31, 2024
Variable Interest Entities and Securitization Activities [Abstract]
Variable Interest Entities and Securitization Activities	Variable Interest Entities and Securitization Activities Overview The Firm is involved with various SPEs in the normal course of business. In most cases, these entities are deemed to be VIEs. The Firm’s variable interests in VIEs include debt and equity interests, commitments, guarantees, derivative instruments and certain fees. The Firm’s involvement with VIEs arises primarily from: • Interests purchased in connection with market-making activities, securities held in its Investment securities portfolio and retained interests held as a result of securitization activities, including re-securitization transactions. • Guarantees issued and residual interests retained in connection with municipal bond securitizations. • Loans made to and investments in VIEs that hold debt, equity, real estate or other assets. • Derivatives entered into with VIEs. • Structuring of CLNs or other asset-repackaging notes designed to meet the investment objectives of clients. • Other structured transactions designed to provide tax-efficient yields to the Firm or its clients. The Firm determines whether it is the primary beneficiary of a VIE upon its initial involvement with the VIE and reassesses whether it is the primary beneficiary on an ongoing basis as long as it has any continuing involvement with the VIE. This determination is based upon an analysis of the design of the VIE, including the VIE’s structure and activities, the power to make significant economic decisions held by the Firm and by other parties, and the variable interests owned by the Firm and other parties. The power to make the most significant economic decisions may take a number of different forms in different types of VIEs. The Firm considers servicing or collateral management decisions as representing the power to make the most significant economic decisions in transactions such as securitizations or CDOs. As a result, the Firm does not consolidate securitizations or CDOs for which it does not act as the servicer or collateral manager unless it holds certain other rights to replace the servicer or collateral manager or to require the liquidation of the entity. If the Firm serves as servicer or collateral manager, or has certain other rights described in the previous sentence, the Firm analyzes the interests in the VIE that it holds and consolidates only those VIEs for which it holds a potentially significant interest in the VIE. For many transactions, such as re-securitization transactions, CLNs and other asset-repackaging notes, there are no significant economic decisions made on an ongoing basis. In these cases, the Firm focuses its analysis on decisions made prior to the initial closing of the transaction and at the termination of the transaction. The Firm concluded in most of these transactions that decisions made prior to the initial closing were shared between the Firm and the initial investors based upon the nature of the assets, including whether the assets were issued in a transaction sponsored by the Firm and the extent of the information available to the Firm and to investors, the number, nature and involvement of investors, other rights held by the Firm and investors, the standardization of the legal documentation and the level of continuing involvement by the Firm, including the amount and type of interests owned by the Firm and by other investors. The Firm focused its control decision on any right held by the Firm or investors related to the termination of the VIE. Most re-securitization transactions, CLNs and other asset-repackaging notes have no such termination rights. Consolidated VIE Assets and Liabilities by Type of Activity At December 31, 2024 At December 31, 2023 $ in millions VIE Assets VIE Liabilities VIE Assets VIE Liabilities MABS 1 $ 575 $ 236 $ 597 $ 256 Investment vehicles 2 378 189 753 502 MTOB 619 578 582 520 Other 156 4 378 97 Total $ 1,728 $ 1,007 $ 2,310 $ 1,375 MTOB—Municipal tender option bonds 1. Amounts include transactions backed by residential mortgage loans, commercial mortgage loans and other types of assets, including consumer or commercial assets and may be in loan or security form. The value of assets is determined based on the fair value of the liabilities and the interests owned by the Firm in such VIEs as the fair values for the liabilities and interests owned are more observable. 2. Amounts include investment funds and CLOs. Consolidated VIE Assets and Liabilities by Balance Sheet Caption $ in millions At December 31, 2024 At December 31, 2023 Assets Cash and cash equivalents $ 37 $ 164 Trading assets at fair value 1,395 1,557 Investment securities 278 492 Securities purchased under agreements to resell — 67 Customer and other receivables 16 26 Other assets 2 4 Total $ 1,728 $ 2,310 Liabilities Other secured financings $ 921 $ 1,222 Other liabilities and accrued expenses 82 121 Borrowings 4 32 Total $ 1,007 $ 1,375 Noncontrolling interests $ 42 $ 54 Consolidated VIE assets and liabilities are presented in the previous tables after intercompany eliminations. Generally, most assets owned by consolidated VIEs cannot be removed unilaterally by the Firm and are not available to the Firm while the related liabilities issued by consolidated VIEs are non-recourse to the Firm. However, in certain consolidated VIEs, the Firm either has the unilateral right to remove assets or provides additional recourse through derivatives such as total return swaps, guarantees or other forms of involvement. In general, the Firm’s exposure to loss in consolidated VIEs is limited to losses that would be absorbed on the VIE net assets recognized in its financial statements, net of amounts absorbed by third-party variable interest holders. Non-consolidated VIEs At December 31, 2024 $ in millions MABS 1 CDO MTOB OSF Other 2 VIE assets (UPB) $ 179,686 $ 1,621 $ 3,654 $ 3,603 $ 74,665 Maximum exposure to loss 3 Debt and equity interests $ 26,974 $ 62 $ — $ 2,267 $ 12,097 Derivative and other contracts — — 2,454 — 3,936 Commitments, guarantees and other 8,554 — — — 535 Total $ 35,528 $ 62 $ 2,454 $ 2,267 $ 16,568 Carrying value of variable interests—Assets Debt and equity interests $ 26,974 $ 62 $ — $ 1,821 $ 12,067 Derivative and other contracts — — 6 — 1,772 Total $ 26,974 $ 62 $ 6 $ 1,821 $ 13,839 Additional VIE assets owned 4 $ 15,777 Carrying value of variable interests—Liabilities Derivative and other contracts $ — $ — $ 4 $ — $ 448 At December 31, 2023 $ in millions MABS 1 CDO MTOB OSF Other 2 VIE assets (UPB) $ 144,906 $ 1,526 $ 3,152 $ 3,102 $ 50,052 Maximum exposure to loss 3 Debt and equity interests $ 21,203 $ 52 $ — $ 2,049 $ 9,076 Derivative and other contracts — — 2,092 — 4,452 Commitments, guarantees and other 3,439 — — — 55 Total $ 24,642 $ 52 $ 2,092 $ 2,049 $ 13,583 Carrying value of variable interests—Assets Debt and equity interests $ 21,203 $ 52 $ — $ 1,682 $ 9,075 Derivative and other contracts — — 2 — 1,330 Total $ 21,203 $ 52 $ 2 $ 1,682 $ 10,405 Additional VIE assets owned 4 $ 15,002 Carrying value of variable interests—Liabilities Derivative and other contracts $ — $ — $ 3 $ — $ 452 1. Amounts include transactions backed by residential mortgage loans, commercial mortgage loans and other types of assets, including consumer or commercial assets, and may be in loan or security form. 2. Other primarily includes exposures to commercial real estate property and investment funds. 3. Where notional amounts are utilized in quantifying the maximum exposure related to derivatives, such amounts do not reflect changes in fair value recorded by the Firm. 4. Additional VIE assets owned represents the carrying value of total exposure to non-consolidated VIEs for which the maximum exposure to loss is less than specific thresholds, primarily interests issued by securitization SPEs. The Firm’s maximum exposure to loss generally equals the fair value of the assets owned. These assets are primarily included in Trading assets and Investment securities and are measured at fair value (see Note 4). The Firm does not provide additional support in these transactions through contractual facilities, guarantees or similar derivatives. The previous tables include VIEs sponsored by unrelated parties, as well as VIEs sponsored by the Firm; examples of the Firm’s involvement with these VIEs include its secondary market-making activities and the securities held in its Investment securities portfolio (see Note 7). The Firm’s maximum exposure to loss is dependent on the nature of the Firm’s variable interest in the VIE and is limited to the notional amounts of certain liquidity facilities and other credit support, total return swaps and written put options, as well as the fair value of certain other derivatives and investments the Firm has made in the VIE. The Firm’s maximum exposure to loss in the previous tables does not include the offsetting benefit of hedges or any reductions associated with the amount of collateral held as part of a transaction with the VIE or any party to the VIE directly against a specific exposure to loss. Liabilities issued by VIEs generally are non-recourse to the Firm. Detail of Mortgage- and Asset-Backed Securitization Assets At December 31, 2024 At December 31, 2023 $ in millions UPB Debt and UPB Debt and Residential mortgages $ 17,316 $ 2,497 $ 17,346 $ 3,355 Commercial mortgages 82,730 8,445 74,590 8,342 U.S. agency collateralized 39,317 6,260 42,917 6,675 Other consumer or commercial loans 40,323 9,772 10,053 2,831 Total $ 179,686 $ 26,974 $ 144,906 $ 21,203 Securitization Activities In a securitization transaction, the Firm transfers assets (generally commercial or residential mortgage loans or securities) to an SPE; sells to investors most of the beneficial interests, such as notes or certificates, issued by the SPE; and, in many cases, retains other beneficial interests. The purchase of the transferred assets by the SPE is financed through the sale of these interests. In many securitization transactions involving commercial mortgage loans, the Firm transfers a portion of the assets to the SPE with unrelated parties transferring the remaining assets. In addition, mainly in securitization transactions involving residential mortgage loans, the Firm may also enter into derivative transactions, primarily interest rate swaps or interest rate caps, with the SPE. Although not obligated, the Firm generally makes a market in the securities issued by SPEs in securitization transactions. As a market maker, the Firm offers to buy these securities from, and sell these securities to, investors. Securities purchased through these market-making activities are not considered to be retained interests; these beneficial interests generally are included in Trading assets—Corporate and other debt and are measured at fair value. The Firm enters into derivatives, generally interest rate swaps and interest rate caps, with a senior payment priority in many securitization transactions. The risks associated with these and similar derivatives with SPEs are essentially the same as similar derivatives with non-SPE counterparties and are managed as part of the Firm’s overall exposure. See Note 6 for further information on derivative instruments and hedging activities. Investment Securities The Firm holds securities issued by VIEs within the Investment securities portfolio. These securities are composed of those related to transactions sponsored by the federal mortgage agencies and predominantly the most senior securities issued by VIEs backed by student loans and commercial mortgage loans. Transactions sponsored by the federal mortgage agencies include an explicit or implicit guarantee provided by the U.S. government. Additionally, the Firm holds certain commercial mortgage-backed securities issued by VIEs retained as a result of the Firm’s securitization activities. See Note 7 for further information on the Investment securities portfolio. Municipal Tender Option Bond Trusts In a municipal tender option bond trust transaction, the client transfers a municipal bond to a trust. The trust issues short-term securities that the Firm, as the remarketing agent, sells to investors. The client generally retains a residual interest. The short-term securities are supported by a liquidity facility pursuant to which the investors may put their short-term interests. In most programs, a third-party provider will provide such liquidity facility; in some programs, the Firm provides this liquidity facility. The Firm may, in lieu of purchasing short-term securities for remarketing, decide to extend a temporary loan to the trust. The client can generally terminate the transaction at any time. The liquidity provider can generally terminate the transaction upon the occurrence of certain events. When the transaction is terminated, the municipal bond is generally sold or returned to the client. Any losses suffered by the liquidity provider upon the sale of the bond are the responsibility of the client. This obligation is generally collateralized. Liquidity facilities provided to municipal tender option bond trusts are classified as derivatives. The Firm consolidates any municipal tender option bond trusts in which it holds the residual interest. Credit Protection Purchased through Credit-Linked Notes CLN transactions are designed to provide investors with exposure to certain credit risk on referenced assets. In these transactions, the Firm transfers assets (generally high-quality securities or money-market investments) to an SPE, enters into a derivative transaction in which the SPE sells protection on an unrelated referenced asset or group of assets, through a credit derivative, and sells the securities issued by the SPE to investors. In some transactions, the Firm may also enter into interest rate or currency swaps with the SPE. Depending on the structure, the assets and liabilities of the SPE may be consolidated and recognized in the Firm’s balance sheet or accounted for as a sale of assets. Upon the occurrence of a credit event related to the referenced asset, the SPE will deliver securities collateral as payment to the Firm, which exposes the Firm to changes in the collateral’s value. Derivative payments by the SPE are collateralized. The risks associated with these and similar derivatives with SPEs are essentially the same as those with non-SPE counterparties and are managed as part of the Firm’s overall exposure. Other Structured Financings The Firm invests in tax equity investment interests issued by entities that develop and own low-income communities (including low-income housing projects) and entities that construct and own facilities that will generate energy from renewable resources. The interests entitle the Firm to a share of tax credits and tax losses generated by these projects. In addition, the Firm has issued guarantees to investors in certain low-income housing funds. The guarantees are designed to return an investor’s contribution to a fund and the investor’s share of tax losses and tax credits expected to be generated by the fund. The Firm is also involved with entities designed to provide tax-efficient yields to the Firm or its clients. Collateralized Loan and Debt Obligations CLOs and CDOs are SPEs that purchase a pool of assets consisting of corporate loans, corporate bonds, ABS or synthetic exposures on similar assets through derivatives and issue multiple tranches of debt and equity securities to investors. The Firm underwrites the securities issued in certain CLO transactions on behalf of unaffiliated sponsors and provides advisory services to these unaffiliated sponsors. The Firm sells corporate loans to many of these SPEs, in some cases representing a significant portion of the total assets purchased. Although not obligated, the Firm generally makes a market in the securities issued by SPEs in these transactions and may retain unsold securities. These beneficial interests are included in Trading assets and are measured at fair value. Equity-Linked Notes ELN transactions are designed to provide investors with exposure to certain risks related to the specific equity security, equity index or other index. In an ELN transaction, the Firm typically transfers to an SPE either a note issued by the Firm, the payments on which are linked to the performance of a specific equity security, equity index or other index, or debt securities issued by other companies and a derivative contract, the terms of which will relate to the performance of a specific equity security, equity index or other index. These ELN transactions with SPEs were not consolidated at December 31, 2024 or December 31, 2023. Transferred Assets with Continuing Involvement At December 31, 2024 $ in millions RML CML U.S. Agency CLN and Other 1 SPE assets (UPB) 2, 3 $ 6,989 $ 78,232 $ 18,174 $ 12,725 Retained interests Investment grade $ 198 $ 543 $ 967 $ — Non-investment grade 175 923 — 71 Total $ 373 $ 1,466 $ 967 $ 71 Interests purchased in the secondary market 3 Investment grade $ 45 $ 34 $ 79 $ — Non-investment grade 5 24 — — Total $ 50 $ 58 $ 79 $ — Derivative assets $ — $ — $ — $ 1,408 Derivative liabilities — — — 400 At December 31, 2023 $ in millions RML CML U.S. Agency CLN and Other 1 SPE assets (UPB) 2, 3 $ 4,333 $ 73,818 $ 12,083 $ 12,438 Retained interests Investment grade $ 149 $ 653 $ 460 $ — Non-investment grade 83 788 — 69 Total $ 232 $ 1,441 $ 460 $ 69 Interests purchased in the secondary market 3 Investment grade $ 20 $ 22 $ 42 $ — Non-investment grade — 16 — — Total $ 20 $ 38 $ 42 $ — Derivative assets $ — $ — $ — $ 1,073 Derivative liabilities — — — 426 Fair Value at December 31, 2024 $ in millions Level 2 Level 3 Total Retained interests Investment grade $ 1,080 $ — $ 1,080 Non-investment grade 71 50 121 Total $ 1,151 $ 50 $ 1,201 Interests purchased in the secondary market 3 Investment grade $ 158 $ — $ 158 Non-investment grade 18 11 29 Total $ 176 $ 11 $ 187 Derivative assets $ 1,408 $ — $ 1,408 Derivative liabilities 400 — 400 Fair Value at December 31, 2023 $ in millions Level 2 Level 3 Total Retained interests Investment grade $ 576 $ — $ 576 Non-investment grade 10 56 66 Total $ 586 $ 56 $ 642 Interests purchased in the secondary market 3 Investment grade $ 77 $ 7 $ 84 Non-investment grade 12 4 16 Total $ 89 $ 11 $ 100 Derivative assets $ 1,073 $ — $ 1,073 Derivative liabilities 426 — 426 RML—Residential mortgage loans CML—Commercial mortgage loans 1. Amounts include CLO transactions managed by unrelated third parties. 2. Amounts include assets transferred by unrelated transferors. 3. Amounts include transactions where the Firm also holds retained interests as part of the transfer. The previous tables include transactions with SPEs in which the Firm, acting as principal, transferred financial assets with continuing involvement and received sales treatment. The transferred assets are carried at fair value prior to securitization, and any changes in fair value are recognized in the income statement. The Firm may act as underwriter of the beneficial interests issued by these securitization vehicles, for which Investment banking revenues are recognized. The Firm may retain interests in the securitized financial assets as one or more tranches of the securitization. Certain retained interests are carried at fair value in the balance sheet with changes in fair value recognized in the income statement. Fair value for these interests is measured using techniques that are consistent with the valuation techniques applied to the Firm’s major categories of assets and liabilities as described in Notes 2 and 4. Further, as permitted by applicable guidance, certain transfers of assets where the Firm’s only continuing involvement is a derivative are only reported in the following Assets Sold with Retained Exposure table. Proceeds from New Securitization Transactions and Sales of Loans $ in millions 2024 2023 2022 New transactions 1 $ 36,326 $ 21,051 $ 22,136 Retained interests 7,956 4,311 4,862 Sales of corporate loans to CLO SPEs 1, 2 — 24 62 1. Net gains on new transactions and sales of corporate loans to CLO entities at the time of the sale were not material for all periods presented. 2. Sponsored by non-affiliates. The Firm has provided, or otherwise agreed to be responsible for, representations and warranties regarding certain assets transferred in securitization transactions sponsored by the Firm (see Note 14). Assets Sold with Retained Exposure $ in millions At At Gross cash proceeds from sale of assets 1 $ 92,229 $ 60,766 Fair value Assets sold $ 92,580 $ 62,221 Derivative assets recognized in the balance sheet 998 1,546 Derivative liabilities recognized in the balance sheet 648 93 1. The carrying value of assets derecognized at the time of sale approximates gross cash proceeds. The Firm enters into transactions in which it sells securities, primarily equities, and contemporaneously enters into bilateral OTC derivatives with the purchasers of the securities, through which it retains exposure to the sold securities.

Regulatory Requirements

Regulatory Requirements	12 Months Ended
	Dec. 31, 2024
Broker-Dealer [Abstract]
Regulatory Requirements	Regulatory Requirements Regulatory Capital Framework The Firm is an FHC under the Bank Holding Company Act of 1956, as amended, and is subject to the regulation and oversight of the Board of Governors of the Federal Reserve System (“Federal Reserve”). The Federal Reserve establishes capital requirements for the Firm, including “well-capitalized” standards, and evaluates the Firm’s compliance with such capital requirements. The OCC establishes similar capital requirements and standards for the Firm’s U.S. bank subsidiaries, including, among others, MSBNA and MSPBNA (together, “U.S. Bank Subsidiaries”). The regulatory capital requirements are largely based on the Basel III capital standards established by the Basel Committee on Banking Supervision and also implement certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act. In addition, many of the Firm’s regulated subsidiaries are subject to regulatory capital requirements, including regulated subsidiaries registered as swap dealers with the CFTC or conditionally registered as security-based swap dealers with the SEC or registered as broker-dealers or futures commission merchants. Regulatory Capital Requirements The Firm is required to maintain minimum risk-based and leverage-based capital ratios under regulatory capital requirements. A summary of the calculations of regulatory capital and RWA follows. Risk-Based Regulatory Capital. Risk-based capital ratio requirements apply to Common Equity Tier 1 (“CET1”) capital, Tier 1 capital and Total capital (which includes Tier 2 capital), each as a percentage of RWA, and consist of regulatory minimum required ratios plus the Firm’s capital buffer requirement. Capital requirements require certain adjustments to, and deductions from, capital for purposes of determining these ratios. CECL Deferral. Beginning on January 1, 2020, the Firm elected to defer the effect of the adoption of CECL on its risk-based and leverage-based capital amounts and ratios, as well as RWA, adjusted average assets and supplementary leverage exposure calculations, over a five-year transition period. The deferral impacts began to phase in at 25% per year from January 1, 2022 and were phased-in at 75% from January 1, 2024. The deferral impacts were fully phased-in from January 1, 2025. Capital Buffer Requirements At At At December 31, 2024 and December 31, 2023 Standardized Standardized Advanced Capital buffers Capital conservation buffer — — 2.5% SCB 6.0% 5.4% N/A G-SIB capital surcharge 3.0% 3.0% 3.0% CCyB 1 0% 0% 0% Capital buffer requirement 9.0% 8.4% 5.5% 1. The CCyB can be set up to 2.5% but is currently set by the Federal Reserve at zero. The capital buffer requirement represents the amount of CET1 capital the Firm must maintain above the minimum risk-based capital requirements in order to avoid restrictions on the Firm’s ability to make capital distributions, including the payment of dividends and the repurchase of stock, and to pay discretionary bonuses to executive officers. The Firm’s capital buffer requirement computed under the standardized approaches for calculating credit risk and market risk RWA (“Standardized Approach”) is equal to the sum of the SCB, G-SIB capital surcharge and CCyB, and the capital buffer requirement computed under the applicable advanced approaches for calculating credit risk, market risk and operational risk RWA (“Advanced Approach”) is equal to the sum of the 2.5% capital conservation buffer, G-SIB capital surcharge and CCyB. Risk-Based Regulatory Capital Ratio Requirements At At At December 31, 2024 and December 31, 2023 Regulatory Minimum Standardized Standardized Advanced Required ratios 1 CET1 capital ratio 4.5 % 13.5% 12.9% 10.0% Tier 1 capital ratio 6.0 % 15.0% 14.4% 11.5% Total capital ratio 8.0 % 17.0% 16.4% 13.5% 1. Required ratios represent the regulatory minimum plus the capital buffer requirement. Risk-Weighted Assets RWA reflects both the Firm’s on- and off-balance sheet risk, as well as capital charges attributable to the risk of loss arising from the following: • Credit Risk: The failure of a borrower, counterparty or issuer to meet its financial obligations to the Firm; • Market Risk: Adverse changes in the level of one or more market prices, rates, indices, volatilities, correlations or other market factors, such as market liquidity; and • Operational Risk: Inadequate or failed processes or systems from human factors or from external events (e.g., fraud, theft, legal and compliance risks, cyberattacks or damage to physical assets). The Firm’s risk-based capital ratios are computed under both (i) the Standardized Approach and (ii) the Advanced Approach. The credit risk RWA calculations between the two approaches differ in that the Standardized Approach requires calculation of RWA using prescribed risk weights, whereas the Advanced Approach utilizes models to calculate exposure amounts and risk weights. At December 31, 2024 and December 31, 2023, the differences between the actual and required ratio were lower under the Standardized Approach. Leverage-Based Regulatory Capital. Leverage-based capital requirements include a minimum Tier 1 leverage ratio of 4%, a minimum SLR of 3% and an enhanced SLR capital buffer of at least 2%. The Firm’s Regulatory Capital and Capital Ratios Risk-based capital Standardized $ in millions At December 31, 2024 At December 31, 2023 Risk-based capital CET1 capital $ 75,095 $ 69,448 Tier 1 capital 84,790 78,183 Total capital 95,567 88,874 Total RWA 471,834 456,053 Risk-based capital ratio CET1 capital 15.9 % 15.2 % Tier 1 capital 18.0 % 17.1 % Total capital 20.3 % 19.5 % Required ratio 1 CET1 capital 13.5 % 12.9 % Tier 1 capital 15.0 % 14.4 % Total capital 17.0 % 16.4 % 1. Required ratios are inclusive of any buffers applicable as of the date presented. Leveraged-based capital $ in millions At December 31, 2024 At December 31, 2023 Leveraged-based capital Adjusted average assets 1 $ 1,223,779 $ 1,159,626 Supplementary leverage exposure 2 1,517,687 1,429,552 Leveraged-based capital ratio Tier 1 leverage 6.9 % 6.7 % SLR 5.6 % 5.5 % Required ratio 3 Tier 1 leverage 4.0 % 4.0 % SLR 5.0 % 5.0 % 1. Adjusted average assets represents the denominator of the Tier 1 leverage ratio and is composed of the average daily balance of consolidated on-balance sheet assets for the quarters ending on the respective balance sheet dates, reduced by disallowed goodwill, intangible assets, investments in covered funds, defined benefit pension plan assets, after-tax gain on sale from assets sold into securitizations, investments in our own capital instruments, certain deferred tax assets and other capital deductions. 2. Supplementary leverage exposure is the sum of Adjusted average assets used in the Tier 1 leverage ratio and other adjustments, primarily: (i) for derivatives, potential future exposure and the effective notional principal amount of sold credit protection offset by qualifying purchased credit protection; (ii) the counterparty credit risk for repo-style transactions; and (iii) the credit equivalent amount for off-balance sheet exposures. 3. Required ratios are inclusive of any buffers applicable as of the date presented. U.S. Bank Subsidiaries’ Regulatory Capital and Capital Ratios The OCC establishes capital requirements for the U.S. Bank Subsidiaries, and evaluates their compliance with such capital requirements. Regulatory capital requirements for the U.S. Bank Subsidiaries are calculated in a similar manner to the Firm’s regulatory capital requirements, although G-SIB capital surcharge and SCB requirements do not apply to the U.S. Bank Subsidiaries. The OCC’s regulatory capital framework includes Prompt Corrective Action (“PCA”) standards, including “well-capitalized” PCA standards that are based on specified regulatory capital ratio minimums. For the Firm to remain an FHC, its U.S. Bank Subsidiaries must remain well-capitalized in accordance with the OCC’s PCA standards. In addition, failure by the U.S. Bank Subsidiaries to meet minimum capital requirements may result in certain mandatory and discretionary actions by regulators that, if undertaken, could have a direct material effect on the U.S. Bank Subsidiaries’ and the Firm’s financial statements. At December 31, 2024 and December 31, 2023, MSBNA and MSPBNA risk-based capital ratios are based on the Standardized Approach rules. Beginning on January 1, 2020, MSBNA and MSPBNA elected to defer the effect of the adoption of CECL on risk-based capital amounts and ratios, as well as RWA, adjusted average assets and supplementary leverage exposure calculations, over a five-year transition period. The deferral impacts began to phase in at 25% per year from January 1, 2022 and were phased-in at 75% from January 1, 2024. The deferral impacts were fully phased-in from January 1, 2025. MSBNA’s Regulatory Capital Well-Capitalized Required Ratio 1 At December 31, 2024 At December 31, 2023 $ in millions Amount Ratio Amount Ratio Risk-based capital CET1 capital 6.5 % 7.0 % $ 22,165 20.1 % $ 21,925 21.7 % Tier 1 capital 8.0 % 8.5 % 22,165 20.1 % 21,925 21.7 % Total capital 10.0 % 10.5 % 22,993 20.9 % 22,833 22.6 % Leverage-based capital Tier 1 leverage 5.0 % 4.0 % $ 22,165 9.7 % $ 21,925 10.6 % SLR 6.0 % 3.0 % 22,165 7.4 % 21,925 8.2 % MSPBNA’s Regulatory Capital Well-Capitalized Required Ratio 1 At December 31, 2024 At December 31, 2023 $ in millions Amount Ratio Amount Ratio Risk-based capital CET1 capital 6.5 % 7.0 % $ 16,672 26.1 % $ 15,388 25.8 % Tier 1 capital 8.0 % 8.5 % 16,672 26.1 % 15,388 25.8 % Total capital 10.0 % 10.5 % 17,004 26.6 % 15,675 26.3 % Leverage-based capital Tier 1 leverage 5.0 % 4.0 % $ 16,672 7.7 % $ 15,388 7.5 % SLR 6.0 % 3.0 % 16,672 7.5 % 15,388 7.2 % 1. Required ratios are inclusive of any buffers applicable as of the date presented. Failure to maintain the buffers would result in restrictions on the ability to make capital distributions, including the payment of dividends. Additionally, MSBNA is conditionally registered with the SEC as a security-based swap dealer and is registered with the CFTC as a swap dealer. However, as MSBNA is prudentially regulated as a bank, its capital requirements continue to be determined by the OCC. Other Regulatory Capital Requirements MS&Co. Regulatory Capital $ in millions At December 31, 2024 At December 31, 2023 Net capital $ 18,483 $ 18,121 Excess net capital 13,883 13,676 MS&Co. is registered as a broker-dealer and a futures commission merchant with the SEC and the CFTC, respectively, and is registered as a swap dealer with the CFTC. As an Alternative Net Capital broker-dealer, and in accordance with Securities Exchange Act of 1934 (“Exchange Act”) Rule 15c3-1, Appendix E, MS&Co. is subject to minimum net capital and tentative net capital requirements and operates with capital in excess of its regulatory capital requirements. As a futures commission merchant and registered swap dealer, MS&Co. is subject to CFTC capital requirements. In addition, MS&Co. must notify the SEC if its tentative net capital falls below certain levels. At December 31, 2024 and December 31, 2023, MS&Co. exceeded its net capital requirement and had tentative net capital in excess of the minimum and notification requirements. Other Regulated Subsidiaries Certain other subsidiaries are also subject to various regulatory capital requirements. Such subsidiaries include the following, each of which operated with capital in excess of their respective regulatory capital requirements as of December 31, 2024 and December 31, 2023, as applicable: • MSSB, a registered U.S. broker-dealer and introducing broker for the futures business, is subject to, respectively, the minimum net capital requirements of the SEC and CFTC. • MSIP, a London-based broker-dealer subsidiary, is subject to the capital requirements of the Prudential Regulation Authority (“PRA”). MSIP is also conditionally registered with the SEC as a security-based swap dealer and registered with the CFTC as a swap dealer. It currently complies with home-country capital requirements in lieu of SEC and CFTC capital requirements pursuant to applicable substituted compliance rules. • Morgan Stanley Europe Holdings SE Group (“MSEHSE Group”), including MSESE, a Germany-based broker-dealer, is subject to the capital requirements of the European Central Bank, BaFin and the German Central Bank. MSESE is also conditionally registered with the SEC as a security-based swap dealer and registered with the CFTC as a swap dealer. It currently complies with home-country capital requirements in lieu of SEC and CFTC capital requirements pursuant to applicable substituted compliance rules. • MSMS, a Tokyo-based broker-dealer subsidiary, is subject to the capital requirements of the Financial Services Agency. MSMS is also registered with the CFTC as a swap dealer but is currently complying with home-country capital requirements in lieu of CFTC capital requirements pursuant to applicable substituted compliance rules. • MSCS, a U.S. entity and the Firm’s primary non-bank security-based swap dealer, is conditionally registered with the SEC as a security-based swap dealer, registered with the SEC as an OTC derivatives dealer and registered with the CFTC as a swap dealer. MSCS is subject to the capital requirements of both regulators. • MSCG, a U.S. entity, is registered with the CFTC as a swap dealer and is subject to its capital requirements. Certain other U.S. and non-U.S. subsidiaries of the Firm are subject to various securities, commodities and banking regulations, and capital adequacy requirements promulgated by the regulatory and exchange authorities of the countries in which they operate. These subsidiaries have also consistently operated with capital in excess of their local capital adequacy requirements. Restrictions on Payments The regulatory capital requirements referred to above, and certain covenants contained in various agreements governing indebtedness of the Firm, may restrict the Firm’s ability to withdraw capital from its subsidiaries. The following table represents net assets of consolidated subsidiaries that may be restricted as to the payment of cash dividends and advances to the Parent Company. $ in millions At At Restricted net assets $ 49,914 $ 49,008

Total Equity

Total Equity	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Total Equity	Total Equity Morgan Stanley Shareholders’ Equity Preferred Stock Shares Carrying Value $ in millions, except per share data At Liquidation At At Series A 44,000 $ 25,000 $ 1,100 $ 1,100 C 1 519,882 1,000 408 408 E 34,500 25,000 862 862 F 34,000 25,000 850 850 I 40,000 25,000 1,000 1,000 K 40,000 25,000 1,000 1,000 L 20,000 25,000 500 500 M 400,000 1,000 430 430 N 3,000 100,000 300 300 O 52,000 25,000 1,300 1,300 P 40,000 25,000 1,000 1,000 Q 40,000 25,000 1,000 — Total $ 9,750 $ 8,750 Shares authorized 30,000,000 1. Series C preferred stock is held by MUFG. The Firm’s preferred stock has a preference over its common stock upon liquidation. The Firm’s preferred stock qualifies as and is included in Tier 1 capital in accordance with regulatory capital requirements (see Note 16). Description of Preferred Stock as of December 31, 2024 Depositary Redemption Series 1, 2 Shares Price per Share 3 Date 4 A 44,000 1,000 $ 25,000 Currently redeemable C 5 1,160,791 N/A 1,100 Currently redeemable E 34,500 1,000 25,000 Currently redeemable F 34,000 1,000 25,000 Currently redeemable I 40,000 1,000 25,000 Currently redeemable K 40,000 1,000 25,000 April 15, 2027 L 20,000 1,000 25,000 January 15, 2025 M 400,000 N/A 1,000 September 15, 2026 N 3,000 100 100,000 October 2, 2025 O 52,000 1,000 25,000 January 15, 2027 P 6 40,000 1,000 25,000 October 15, 2027 Q 7 40,000 1,000 25,000 October 15, 2029 1. All shares issued are non-cumulative. Each share has a par value of $0.01. 2. Dividends on Series A are based on a floating rate, and dividends on Series C, L, O, P and Q are based on a fixed rate. Dividends on all other Series are based on a fixed-to-floating rate. 3. Series A and C are redeemable at the redemption price plus accrued and unpaid dividends, regardless of whether dividends are actually declared, up to but excluding the date of redemption. All other Series are redeemable at the redemption price plus any declared and unpaid dividends, up to but excluding the date fixed for redemption. 4. Series A and C are currently redeemable at the Firm’s option, in whole or in part, from time to time. Series E, F and I are currently redeemable, and all other Series are redeemable, at the Firm’s option (i) in whole or in part, from time to time, on any dividend payment date on or after the redemption date or (ii) in whole but not in part at any time within 90 days following a regulatory capital treatment event (as described in the terms of that series). 5. Series C is non-voting perpetual preferred stock. Dividends on the Series C preferred stock are payable, on a non-cumulative basis, as and if declared by the Board of Directors, in cash, at the rate of 10% per annum of the liquidation preference of $1,000 per share. 6. The Firm issued Series P Preferred Stock on August 2, 2022. 7. The Firm issued Series Q Preferred Stock on July 30, 2024. Common Stock Rollforward of Common Stock Outstanding in millions 2024 2023 Shares outstanding at beginning of period 1,627 1,675 Treasury stock purchases 1 (43) (71) Other 2 23 23 Shares outstanding at end of period 1,607 1,627 1. The Firm’s Board of Directors has authorized the repurchase of the Firm’s outstanding stock under a share repurchase program (“Share Repurchase Program”). In addition to the Firm’s Share Repurchase Program, Treasury stock purchases include repurchases of common stock for employee tax withholding. 2. Other includes net shares issued to and forfeited from employee stock trusts and issued for RSU conversions. Share Repurchases $ in millions 2024 2023 Repurchases of common stock under the Firm’s Share Repurchase Program $ 3,250 $ 5,300 On June 28, 2024, the Firm announced that its Board of Directors reauthorized a multi-year repurchase program of up to $20 billion of outstanding common stock (the “Share Repurchase Authorization”), without a set expiration date, beginning in the third quarter of 2024, which will be exercised from time to time as conditions warrant. Pursuant to the Share Repurchase Program, the Firm considers, among other things, business segment capital needs, as well as stock-based compensation and benefit plan requirements. Share repurchases under the program will be exercised from time to time at prices the Firm deems appropriate subject to various factors, including the Firm’s capital position and market conditions. The share repurchases may be effected through open market purchases or privately negotiated transactions, including through Rule 10b5-1 plans, and may be suspended at any time. Common Shares Outstanding for Basic and Diluted EPS in millions 2024 2023 2022 Weighted average common shares outstanding, basic 1,591 1,628 1,691 Effect of dilutive RSUs and PSUs 20 18 22 Weighted average common shares outstanding and common stock equivalents, diluted 1,611 1,646 1,713 Weighted average antidilutive common stock equivalents (excluded from the computation of diluted EPS) — 2 3 Dividends $ in millions, except per share data 2024 2023 2022 Per Share 1 Total Per Share 1 Total Per Share 1 Total Preferred Stock Series A $ 1,548 $ 68 $ 1,522 $ 67 $ 1,061 $ 47 C 100 52 100 52 100 52 E 1,806 62 1,791 62 1,781 60 F 1,747 60 1,719 58 1,719 59 I 1,603 64 1,594 64 1,594 64 K 1,463 59 1,463 59 1,463 59 L 1,219 24 1,219 24 1,219 24 M 2 59 24 59 24 59 24 N 3 8,841 27 9,160 27 5,300 16 O 1,063 55 1,063 55 1,063 55 P 1,625 65 1,625 65 739 29 Q 759 30 — — — — Total Preferred stock $ 590 $ 557 $ 489 Common stock $ 3.55 $ 5,745 $ 3.25 $ 5,393 $ 2.95 $ 5,108 1. Common and Preferred Stock dividends are payable quarterly unless otherwise noted. 2. Series M is payable semiannually until September 15, 2026 and thereafter will be payable quarterly. 3. Series N was payable semiannually until March 15, 2023 and thereafter is payable quarterly. Accumulated Other Comprehensive Income (Loss) 1 $ in millions CTA AFS Pension DVA Cash Flow Hedges Total December 31, 2021 $ (1,002) $ 245 $ (551) $ (1,794) $ — $ (3,102) OCI during the period (202) (4,437) 43 1,449 (4) (3,151) December 31, 2022 (1,204) (4,192) (508) (345) (4) (6,253) OCI during the period 51 1,098 (87) (1,250) 20 (168) December 31, 2023 (1,153) (3,094) (595) (1,595) 16 (6,421) OCI during the period (324) 521 12 (551) (51) (393) December 31, 2024 $ (1,477) $ (2,573) $ (583) $ (2,146) $ (35) $ (6,814) CTA—Cumulative foreign currency translation adjustments 1. Amounts are net of tax and noncontrolling interests. Components of Period Changes in OCI 2024 $ in millions Pre-tax Income Tax Benefit (Provision) After-tax Non- Net CTA OCI activity $ (117) $ (305) $ (422) $ (98) $ (324) Reclassified to earnings — — — — — Net OCI $ (117) $ (305) $ (422) $ (98) $ (324) Change in net unrealized gains (losses) on AFS securities OCI activity $ 736 $ (175) $ 561 $ — $ 561 Reclassified to earnings (52) 12 (40) — (40) Net OCI $ 684 $ (163) $ 521 $ — $ 521 Pension and other OCI activity $ (8) $ 5 $ (3) $ — $ (3) Reclassified to earnings 20 (5) 15 — 15 Net OCI $ 12 $ — $ 12 $ — $ 12 Change in net DVA OCI activity $ (729) $ 174 $ (555) $ 17 $ (572) Reclassified to earnings 27 (6) 21 — 21 Net OCI $ (702) $ 168 $ (534) $ 17 $ (551) Change in fair value of cash flow hedge derivatives OCI activity $ (99) $ 24 $ (75) $ — $ (75) Reclassified to earnings 32 (8) 24 — $ 24 Net OCI $ (67) $ 16 $ (51) $ — $ (51) 2023 $ in millions Pre-tax Income Tax Benefit (Provision) After-tax Non- Net CTA OCI activity $ (73) $ 53 $ (20) $ (71) $ 51 Reclassified to earnings — — — — — Net OCI $ (73) $ 53 $ (20) $ (71) $ 51 Change in net unrealized gains (losses) on AFS securities OCI activity $ 1,488 $ (353) $ 1,135 $ — $ 1,135 Reclassified to earnings (49) 12 (37) — (37) Net OCI $ 1,439 $ (341) $ 1,098 $ — $ 1,098 Pension and other OCI activity $ (96) $ 24 $ (72) $ — $ (72) Reclassified to earnings (18) 3 (15) — (15) Net OCI $ (114) $ 27 $ (87) $ — $ (87) Change in net DVA OCI activity $ (1,728) $ 424 $ (1,304) $ (40) $ (1,264) Reclassified to earnings 19 (5) 14 — 14 Net OCI $ (1,709) $ 419 $ (1,290) $ (40) $ (1,250) Change in fair value of cash flow hedge derivatives OCI activity $ 9 $ (1) $ 8 $ — $ 8 Reclassified to earnings 16 (4) 12 — 12 Net OCI $ 25 $ (5) $ 20 $ — $ 20 2022 $ in millions Pre-tax Income Tax Benefit (Provision) After-tax Non- Net CTA OCI activity $ (179) $ (217) $ (396) $ (135) $ (261) Reclassified to earnings — 59 59 — 59 Net OCI $ (179) $ (158) $ (337) $ (135) $ (202) Change in net unrealized gains (losses) on AFS securities OCI activity $ (5,720) $ 1,337 $ (4,383) $ — $ (4,383) Reclassified to earnings (70) 16 (54) — (54) Net OCI $ (5,790) $ 1,353 $ (4,437) $ — $ (4,437) Pension and other OCI activity $ 38 $ (13) $ 25 $ — $ 25 Reclassified to earnings 22 (4) 18 — 18 Net OCI $ 60 $ (17) $ 43 $ — $ 43 Change in net DVA OCI activity $ 1,982 $ (480) $ 1,502 $ 53 $ 1,449 Reclassified to earnings — — — — — Net OCI $ 1,982 $ (480) $ 1,502 $ 53 $ 1,449 Change in fair value of cash flow hedge derivatives OCI activity $ (4) $ — $ (4) $ — $ (4) Reclassified to earnings — — — — — Net OCI $ (4) $ — $ (4) $ — $ (4) Cumulative Foreign Currency Translation Adjustments $ in millions At At Associated with net investments in subsidiaries with a non-U.S. dollar functional currency $ (4,326) $ (2,917) Hedges, net of tax 2,849 1,764 Total $ (1,477) $ (1,153) Carrying value of net investments in non-U.S. dollar functional currency subsidiaries subject to hedges $ 18,303 $ 18,761 Cumulative foreign currency translation adjustments include gains or losses resulting from translating foreign currency financial statements from their respective functional currencies to U.S. dollars, net of hedge gains or losses and related tax effects. The Firm uses foreign currency contracts to manage the currency exposure relating to its net investments in non-U.S. dollar functional currency subsidiaries and determines the amount of exposure to hedge on a pre-tax basis. The Firm may also elect not to hedge its net investments in certain foreign operations due to market conditions or other reasons, including the availability of various currency contracts at acceptable costs. Information relating to the effects on cumulative foreign currency translation adjustments that resulted from the translation of foreign currency financial statements and from gains and losses from hedges of the Firm’s net investments in non-U.S. dollar functional currency subsidiaries is summarized in the previous table.

Interest Income and Interest Ex

Interest Income and Interest Expense	12 Months Ended
	Dec. 31, 2024
Interest Income (Expense), Operating [Abstract]
Interest Income and Interest Expense	Interest Income and Interest Expense $ in millions 2024 2023 2022 Interest income Cash and cash equivalents 1 $ 3,068 $ 3,408 $ 914 Investment securities 5,161 3,992 3,066 Loans 13,771 12,424 6,988 Securities purchased under agreements to resell 2 12,416 7,762 2,188 Securities borrowed 3 5,391 5,191 1,020 Trading assets, net of Trading liabilities 5,924 4,488 2,484 Customer receivables and Other 1,4 8,404 8,584 4,935 Total interest income $ 54,135 $ 45,849 $ 21,595 Interest expense Deposits $ 10,368 $ 8,216 $ 1,825 Borrowings 13,242 11,437 5,054 Securities sold under agreements to repurchase 5 10,787 6,737 1,760 Securities loaned 6 1,036 784 503 Customer payables and Other 4,7 10,091 10,445 3,126 Total interest expense $ 45,524 $ 37,619 $ 12,268 Net interest $ 8,611 $ 8,230 $ 9,327 1. In 2023, interest-bearing Cash and cash equivalents and related interest were presented separately for the first time. The prior year amounts for Customer receivables and Other have been disaggregated to exclude Cash and cash equivalents to align with the current presentation. 2. Includes interest paid on Securities purchased under agreements to resell. 3. Includes fees paid on Securities borrowed. 4. Certain prior-period amounts have been adjusted to conform with the current-period presentation. This adjustment resulted in a decrease to both interest income and interest expense of $4,432 million for the year ended December 31, 2023, and no effect on net interest income, with the entire impact to the Firm recorded within the Institutional Securities segment. See Note 2 for additional information. 5. Includes interest received on Securities sold under agreements to repurchase. 6. Includes fees received on Securities loaned. 7. Includes fees received from Equity Financing customers related to their short transactions, which can be under either margin or securities lending arrangements. Interest income and Interest expense are classified in the income statement based on the nature of the instrument and related market conventions. When included as a component of the instrument’s fair value, interest is included within Trading revenues or Investments revenues. Otherwise, it is included within Interest income or Interest expense. Accrued Interest $ in millions At At Customer and other receivables $ 3,322 $ 4,206 Customer and other payables 3,938 4,360

Deferred Compensation Plans and

Deferred Compensation Plans and Carried Interest Compensation	12 Months Ended
	Dec. 31, 2024
Compensation Related Costs [Abstract]
Deferred Compensation Plans and Carried Interest Compensation	Deferred Compensation Plans and Carried Interest Compensation Stock-Based Compensation Plans Certain current and former employees of the Firm participate in the Firm’s stock-based compensation plans. These plans include RSUs, PSUs and an ESPP. Stock-Based Compensation Expense $ in millions 2024 2023 2022 RSUs $ 1,464 $ 1,607 $ 1,827 PSUs 148 91 40 ESPP 10 11 8 Total $ 1,622 $ 1,709 $ 1,875 Retirement-eligible awards 1 $ 202 $ 178 $ 176 1. Total expense includes stock-based compensation anticipated to be awarded in January of the following year that does not contain a future service requirement. Tax Benefit Related to Stock-Based Compensation Expense $ in millions 2024 2023 2022 Tax benefit 1 $ 343 $ 382 $ 427 1. Excludes income tax consequences related to employee share-based award conversions. Unrecognized Compensation Cost Related to Stock-Based Awards Granted $ in millions At December 31, 2024 1 To be recognized in: 2025 $ 510 2026 230 Thereafter 38 Total $ 778 1. Amounts do not include forfeitures or 2024 performance year compensation awarded in January 2025 which will begin to be amortized in 2025. In connection with awards under its stock-based compensation plans, the Firm is authorized to issue shares of common stock held in treasury or newly issued shares. The Firm generally uses treasury shares, if available, to deliver shares to employees or employee stock trusts and has an ongoing repurchase authorization that includes repurchases in connection with awards under its stock-based compensation plans. Common Shares Available for Future Awards under Stock-Based Compensation Plans in millions At Shares 109 See Note 17 for additional information on the Firm’s Share Repurchase Program. Restricted Stock Units RSUs are subject to vesting over time, generally one Vested and Unvested RSU Activity 2024 shares in millions Number of Weighted RSUs at beginning of period 59 $ 86.92 Awarded 20 85.46 Conversions to common stock (23) 77.11 Forfeited (2) 90.84 RSUs at end of period 1 54 $ 90.53 Weighted average award date fair value RSUs awarded in 2023 93.55 RSUs awarded in 2022 96.61 1. At December 31, 2024, the weighted average remaining term until delivery for the outstanding RSUs was approximately 1.2 years. Unvested RSU Activity 2024 shares in millions Number of Weighted Unvested RSUs at beginning of period 28 $ 89.16 Awarded 20 85.46 Vested (19) 85.96 Forfeited (2) 90.51 Unvested RSUs at end of period 1 27 $ 88.64 1. Unvested RSUs represent awards where recipients have yet to satisfy either the explicit vesting terms or retirement-eligible requirements. Fair Value of RSU Activity 1 $ in millions 2024 2023 2022 Conversions to common stock $ 2,065 $ 2,019 $ 2,301 Vested 1,723 2,260 2,433 1. Fair value of converted stock is based on the share price at conversion. Fair value of vested stock is based on the share price at the date of vesting. Performance-Based Stock Units PSUs vest and convert to shares of common stock only if the Firm satisfies, over a three-year performance period, performance goals that are determined on the award date. The number of PSUs that may vest ranges from 0% to 150% of the target award, based on the Firm’s level of achievement of the specified performance goals. One-half of a PSU award is earned based on the Firm’s average return on tangible common equity (“MS Average ROTCE”) over the performance period. The other half of a PSU award is earned based on the Firm’s total shareholder return, relative to the total shareholder return of the S&P 500 Financials Sector Index (“MS Relative TSR”) for awards granted prior to 2023, or for PSU awards granted from 2023 onwards based on the MS Average ROTCE relative to the Return on Tangible Common Equity of each member of the defined comparison group (“MS Relative ROTCE”). PSUs have vesting, conversion and cancellation provisions that are generally similar to those of RSUs. Dividend equivalents that accrue on these awards are paid in cash when the awards convert. At December 31, 2024, approximately 2.8 million PSUs at target were outstanding. PSU Awards - Fair Value on Award Date 2024 2023 2022 MS Average ROTCE/ Relative ROTCE 1 $ 83.86 $ 85.76 $ 100.12 MS Relative TSR — — 102.17 1. Weighted average price on award date The MS Relative TSR fair values on the award date were estimated using a Monte Carlo simulation and the following assumptions. Monte Carlo Simulation Assumptions Risk-Free Expected Correlation Award year 2022 1.3 % 38.9 % 0.91 The risk-free interest rate was determined based on the yields available on U.S. Treasury zero-coupon issues. The expected stock price volatility was determined using historical volatility. The correlation coefficient was developed based on historical price data of the Firm and the S&P 500 Financials Sector Index. The model uses an expected dividend yield equivalent to reinvesting dividends. Deferred Cash-Based Compensation Plans DCP generally provide a return to the plan participants based upon the performance of each participant’s referenced investments. Deferred Cash-Based Compensation Expense $ in millions 2024 2023 2022 Deferred cash-based awards $ 770 $ 693 $ 761 Return on referenced investments 672 668 (716) Total $ 1,442 $ 1,361 $ 45 Retirement-eligible awards 1 $ 287 $ 259 $ 264 1. Total expense includes deferred cash-based compensation anticipated to be awarded in January of the following year that does not contain a future service requirement. Carried Interest Compensation The Firm generally recognizes compensation expense for any portion of carried interest (both realized and unrealized) that is allocated to employees. Carried Interest Compensation Expense $ in millions 2024 2023 2022 Expense $ 114 $ 44 $ 225

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans Pension Plans Net Periodic Benefit Expense (Income) Pension Plans $ in millions 2024 2023 2022 Service cost, benefits earned during the period $ 20 $ 20 $ 19 Interest cost on projected benefit obligation 137 140 111 Expected return on plan assets (99) (99) (56) Net amortization of prior service cost 1 1 1 Amortization of net (gains) losses 21 (9) 25 Plan settlements — 2 — Net periodic benefit expense $ 80 $ 55 $ 100 Certain current and former U.S. employees of the Firm and its U.S. affiliates who were hired before July 1, 2007 are covered by the U.S. pension plan, a non-contributory defined benefit pension plan that is qualified under Section 401(a) of the Internal Revenue Code (“U.S. Qualified Plan”). The U.S. Qualified Plan has ceased future benefit accruals. The Morgan Stanley Supplemental Executive Retirement and Excess Plan (“SEREP”), is a non-contributory defined benefit plan that is not qualified under Section 401(a) of the Internal Revenue Code, has ceased future benefit accruals. Certain of the Firm’s non-U.S. subsidiaries also have defined benefit pension plans covering their eligible current and former employees. The Firm’s pension plans generally provide pension benefits that are based on each employee’s years of credited service and on compensation levels specified in the plans. Rollforward of Pre-tax AOCI Pension Plans $ in millions 2024 2023 2022 Beginning balance $ (821) $ (716) $ (768) Net gain (loss) (12) (100) 26 Amortization of prior service cost 1 1 1 Amortization of net (gains) losses 21 (9) 25 Plan settlements, curtailments and amendments (1) 3 — Changes recognized in OCI 9 (105) 52 Ending balance $ (812) $ (821) $ (716) The Firm generally amortizes into net periodic benefit expense (income) the unrecognized net gains and losses exceeding 10% of the greater of the projected benefit obligation or the market-related value of plan assets. The U.S. pension plans amortize the unrecognized net gains and losses over the average life expectancy of participants. The remaining plans generally amortize the unrecognized net gains and losses and prior service credit over the average remaining service period of active participants. Weighted Average Assumptions Used to Determine Net Periodic Benefit Expense (Income) Pension Plans 2024 2023 2022 Discount rate 4.75 % 4.93 % 2.80 % Expected long-term rate of return on plan assets 4.18 % 3.54 % 1.71 % The accounting for pension plans involves certain assumptions and estimates. The expected long-term rate of return for the U.S. Qualified Plan was estimated by computing a weighted average of the underlying long-term expected returns based on the investment managers’ target allocations. Benefit Obligation and Funded Status Rollforward of the Projected Benefit Obligation and Fair Value of Plan Assets Pension Plans $ in millions 2024 2023 Rollforward of projected benefit obligation Benefit obligation at beginning of year $ 2,975 $ 2,907 Service cost 20 20 Interest cost 137 140 Actuarial (gain) loss 1 (201) 79 Plan amendments 1 — Plan settlements (1) (13) Benefits paid (149) (164) Other 2 (18) 6 Projected benefit obligation at end of year $ 2,764 $ 2,975 Rollforward of fair value of plan assets Fair value of plan assets at beginning of year $ 2,422 $ 2,416 Actual return on plan assets (114) 78 Employer contributions 38 89 Benefits paid (149) (164) Plan settlements (1) (13) Other 2 (10) 16 Fair value of plan assets at end of year $ 2,186 $ 2,422 Funded (unfunded) status $ (578) $ (553) Amounts recognized in the balance sheet Assets $ 71 $ 84 Liabilities (649) (637) Net amount recognized $ (578) $ (553) 1. Primarily reflects the impact of year-over-year discount rate fluctuations. 2. Primarily includes the impact of foreign currency exchange rate changes. Accumulated Benefit Obligation $ in millions At At Pension plans $ 2,740 $ 2,956 Pension Plans with Projected Benefit Obligations in Excess of the Fair Value of Plan Assets $ in millions At At Projected benefit obligation $ 2,616 $ 2,821 Accumulated benefit obligation 2,594 2,803 Fair value of plan assets 1,967 2,184 The pension plans included in the table above may differ based on their funding status as of December 31 of each year. Weighted Average Assumptions Used to Determine Projected Benefit Obligation Pension Plans At At Discount rate 5.39 % 4.75 % The discount rates used to determine the benefit obligation were selected by the Firm, in consultation with its independent actuary. The U.S. pension plans use a pension discount yield curve based on the characteristics of the plans, each determined independently. The pension discount yield curve represents spot discount yields based on duration implicit in a representative broad-based Aa-rated corporate bond universe of high-quality fixed income investments. For all non-U.S. pension plans, the assumed discount rates are based on the nature of liabilities, local economic environments and available bond indices. Plan Assets Fair Value of Plan Assets At December 31, 2024 $ in millions Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 7 $ — $ — $ 7 U.S. government and agency securities 1,638 213 — 1,851 Derivative contracts — 1 — 1 Other investments — — 70 70 Other receivables 1 — 10 — 10 Total $ 1,645 $ 224 $ 70 $ 1,939 Assets Measured at NAV Commingled trust funds: Money market 27 Foreign funds: Fixed income 25 Liquidity 13 Targeted cash flow 184 Total $ 249 Liabilities Other payables 1 — (2) — (2) Total liabilities $ — $ (2) $ — $ (2) Fair value of plan assets $ 2,186 At December 31, 2023 $ in millions Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 6 $ — $ — $ 6 U.S. government and agency securities 1,800 230 — 2,030 Derivative contracts — 3 — 3 Other investments — — 71 71 Other receivables 1 1 15 — 16 Total $ 1,807 $ 248 $ 71 $ 2,126 Assets Measured at NAV Commingled trust funds: Money market 64 Foreign funds: Fixed income 62 Liquidity 171 Targeted cash flow 14 Total $ 311 Liabilities Other payables 1 (1) (14) — (15) Total liabilities $ (1) $ (14) $ — $ (15) Fair value of plan assets $ 2,422 1. Other receivables and other payables are valued at their carrying value, which approximates fair value. Rollforward of Level 3 Plan Assets $ in millions 2024 2023 Balance at beginning of period $ 71 $ 64 Realized and unrealized gains 2 2 Purchases, sales and settlements, net (3) 5 Balance at end of period $ 70 $ 71 There were no transfers between levels during 2024 and 2023. The U.S. Qualified Plan assets represent 86% and 87% of the Firm’s total pension plan assets at December 31, 2024 and December 31, 2023, respectively. The U.S. Qualified Plan uses a combination of active and risk-controlled fixed income investment strategies. The fixed income asset allocation consists primarily of fixed income securities and related derivative instruments designed to approximate the expected cash flows of the plan’s liabilities to help reduce plan exposure to interest rate variation and to better align assets with the obligation. The longer-duration fixed income allocation is expected to help protect the plan’s funded status and maintain the stability of plan contributions over the long run. The investment portfolio performance is assessed by comparing actual investment performance with changes in the estimated present value of the U.S. Qualified Plan’s benefit obligation. Derivative instruments are permitted in the U.S. Qualified Plan’s investment portfolio only to the extent that they comply with all of the plan’s investment policy guidelines and are consistent with the plan’s risk and return objectives. As a fundamental operating principle, any restrictions on the underlying assets apply to the respective derivative product. This includes percentage allocations and credit quality. Derivatives are used solely for the purpose of enhancing investment returns in the underlying assets and not to circumvent portfolio restrictions. Plan assets are measured at fair value using valuation techniques that are consistent with the valuation techniques applied to the Firm’s major categories of assets and liabilities as described in Notes 2 and 4. OTC derivative contracts consist of investments in interest rate swaps and total return swaps. Other investments consist of insurance contracts held by non-U.S.-based plans. The insurance contracts are valued based on the premium reserve of the insurer for a guarantee that the insurer has given to the employee benefit plan that approximates fair value. The insurance contracts are categorized in Level 3 of the fair value hierarchy. Commingled trust funds are privately offered funds regulated, supervised and subject to periodic examination by a U.S. federal or state agency and available to institutional clients. The trust must be maintained for the collective investment or reinvestment of assets contributed to it from U.S. tax-qualified employee benefit plans maintained by more than one employer or controlled group of corporations. The sponsor of the commingled trust funds values the funds based on the fair value of the underlying securities. Commingled trust funds are redeemable at NAV at the measurement date or in the near future. Some non-U.S.-based plans hold foreign funds that consist of investments in fixed income funds and liquidity funds. Fixed income funds and targeted cash flow funds are designed to provide a series of fixed annual cash flows achieved by primarily investing in government bonds. Liquidity funds place a high priority on capital preservation, stable value and a high liquidity of assets. Foreign funds are readily redeemable at NAV. The Firm generally considers the NAV of commingled trust funds and foreign funds provided by the fund manager to be the best estimate of fair value. Expected Contributions The Firm’s policy is to fund at least the amount sufficient to meet minimum funding requirements under applicable employee benefit and tax laws. At December 31, 2024, the Firm expected to contribute approximately $40 million to its pension plans in 2025 based upon the plans’ current funded status and expected asset return assumptions for 2025. Expected Future Benefit Payments At December 31, 2024 $ in millions Pension Plans 2025 $ 161 2026 167 2027 174 2028 179 2029 183 2030-2034 968 401(k) Plan $ in millions 2024 2023 2022 Expense $ 400 $ 397 $ 355 U.S. employees meeting certain eligibility requirements may participate in the Firm’s 401(k) plan. Eligible employees receive discretionary 401(k) matching cash contributions as determined annually by the Firm. The Firm generally matched eligible employee contributions up to the IRS limit at 4%, or 5% up to a certain compensation level, in 2024 and 2023. Eligible employees with eligible pay less than or equal to $100,001 also received a fixed contribution equal to 2% of eligible pay. Contributions are invested among available funds according to each participant’s investment direction and are included in the Firm’s 401(k) expense. Non-U.S. Defined Contribution Pension Plans $ in millions 2024 2023 2022 Expense $ 181 $ 173 $ 163 The Firm maintains separate defined contribution pension plans that cover eligible employees of certain non-U.S. subsidiaries. Under such plans, contributions are generally determined based on a fixed rate of base salary with certain vesting requirements.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Components of Provision for Income Taxes $ in millions 2024 2023 2022 Current U.S.: Federal $ 2,011 $ 1,190 $ 2,518 State and local 660 542 442 Non-U.S.: U.K. 487 267 405 India 1 243 127 17 Japan 115 139 105 Brazil 2 57 437 24 Other 3 342 344 248 Total $ 3,915 $ 3,046 $ 3,759 Deferred U.S.: Federal $ 8 $ (295) $ (803) State and local (6) (59) (142) Non-U.S.: U.K. 42 12 55 India 1 55 (12) — Japan 9 (13) 20 Brazil 2 6 (43) 25 Other 3 38 (53) (4) Total $ 152 $ (463) $ (849) Provision for income taxes $ 4,067 $ 2,583 $ 2,910 1. In 2024, India was presented separately for the first time. The prior period amounts for Other have been disaggregated to exclude India to align with the current presentation. 2. In 2023, Brazil was presented separately for the first time. The prior period amounts for Other have been disaggregated to exclude Brazil to align with the current presentation. 3. Other Non-U.S. tax provisions for 2024, 2023 and 2022 primarily include Germany, Hong Kong and Singapore. Reconciliation of the U.S. Federal Statutory Income Tax Rate to the Effective Income Tax Rate 2024 2023 2022 U.S. federal statutory income tax rate 21.0 % 21.0 % 21.0 % U.S. state and local income taxes, net of U.S. federal income tax benefits 3.0 3.4 1.8 Domestic tax credits and tax exempt income (0.6) (1.3) (0.9) Non-U.S. earnings 1.8 1.9 0.6 Employee share-based awards (0.6) (1.5) (1.7) Non-taxable income 1 (1.9) (2.3) (0.8) Other 0.4 0.7 0.7 Effective income tax rate 23.1 % 21.9 % 20.7 % 1. In 2023, Non-taxable income was presented separately for the first time. The prior period amounts for Non-U.S. earnings and Other have been disaggregated to exclude Non-taxable income to align with the current presentation. Deferred Tax Assets and Liabilities $ in millions At Dec 31, 2024 At Dec 31, 2023 Gross deferred tax assets Net operating loss and tax credit carryforwards $ 236 $ 255 Employee compensation and benefit plans 2,565 2,636 Allowance for credit losses and other reserves 796 755 Valuation of net trading inventory, investments and receivables 1,808 1,897 Other 223 78 Total deferred tax assets 5,628 5,621 Less: Deferred tax assets valuation allowance 214 211 Deferred tax assets after valuation allowance $ 5,414 $ 5,410 Gross deferred tax liabilities Fixed assets 801 772 Intangibles and goodwill 1,931 2,003 Total deferred tax liabilities $ 2,732 $ 2,775 Net deferred tax assets $ 2,682 $ 2,635 Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when such differences are expected to reverse. The Firm believes the recognized net deferred tax assets (after valuation allowance) at December 31, 2024 are more likely than not to be realized based on expectations as to future taxable income in the jurisdictions in which it operates. The earnings of certain foreign subsidiaries and affiliates are indefinitely reinvested due to regulatory and other capital requirements in foreign jurisdictions. As of December 31, 2024 and December 31, 2023, the unrecognized deferred tax liability attributable to indefinitely reinvested earnings is $405 million and $302 million, respectively. Rollforward of Unrecognized Tax Benefits $ in millions 2024 2023 2022 Balance at beginning of period $ 1,244 $ 1,129 $ 971 Increases based on tax positions related to the current period 202 147 256 Increases based on tax positions related to prior periods 132 141 64 Decreases based on tax positions related to prior periods (52) (73) (134) Decreases related to settlements with taxing authorities (174) (79) (6) Decreases related to lapse of statute of limitations (47) (21) (22) Balance at end of period $ 1,305 $ 1,244 $ 1,129 Net unrecognized tax benefits 1 $ 1,159 $ 1,090 $ 1,007 1. Represent ending unrecognized tax benefits adjusted for the impact of the federal benefit of state issues, competent authority arrangements and foreign tax credit offsets. If recognized, these net benefits would favorably impact the effective tax rate in future periods. It is reasonably possible that significant changes in the balance of unrecognized tax benefits may occur within the next 12 months. At this time, however, it is not possible to reasonably estimate the expected change to the total amount of unrecognized tax benefits and the impact on the Firm’s effective tax rate over the next 12 months. Interest Expense (Benefit) and Penalties Associated with Unrecognized Tax Benefits, Net of Federal and State Income Tax Benefits $ in millions 2024 2023 2022 Recognized in income statement $ 92 $ 65 $ 39 Accrued at end of period 255 237 175 Interest and penalties related to unrecognized tax benefits are recognized as a component of the provision for income taxes. Earliest Tax Year Subject to Examination in Major Tax Jurisdictions Jurisdiction Tax Year U.S. 2017 New York State and New York City 2010 U.K. 2014 Japan 2020 Hong Kong 2018 The Firm is routinely under examination by the IRS and other tax authorities in certain countries, such as Japan and the U.K., and in states and localities in which it has significant business operations, such as New York. The Firm believes that the resolution of these tax examinations will not have a material effect on the annual financial statements, although a resolution could have a material impact in the income statement and on the effective tax rate for any period in which such resolutions occur.

Segment, Geographic and Revenue

Segment, Geographic and Revenue Information	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment, Geographic and Revenue Information	Segment, Geographic and Revenue Information The Firm structures its segments primarily based upon the nature of the financial products and services provided to customers and its management organization, which is consistent with the approach used by the Firm’s chief operating decision maker (“CODM”) to assess the Firm’s financial performance. The Firm provides a wide range of financial products and services to its customers in each of its business segments: Institutional Securities, Wealth Management and Investment Management. For a further discussion of the business segments, see Note 1. Revenues and expenses directly associated with each respective business segment are included in determining its operating results. Other revenues and expenses that are not directly attributable to a particular business segment are generally allocated based on each business segment’s respective net revenues, non-interest expenses or other relevant measures. As a result of revenues and expenses from transactions with other operating segments being treated as transactions with external parties for purposes of segment disclosures, the Firm includes an Intersegment Eliminations category to reconcile the business segment results to the consolidated results. The Firm’s CODM is its Chief Executive Officer, who evaluates segment performance and allocates resources based on numerous business, strategic and financial considerations. The CODM’s financial considerations include analysis of multiple segment profit measures, such as Income before provision for income taxes and Pre-tax margin. Furthermore, the CODM evaluates certain additional segment performance metrics including Return on average common equity. The segment profit measures are calculated in accordance with U.S. GAAP and are consistent with the amounts presented in the Firm’s consolidated income statement. The CODM’s review of the profit measures includes evaluation of segment profitability and assessment of actual results compared to budget. These measures are regularly provided to the CODM and are a component of a multifaceted decision-making process regarding segment performance as well as resource and capital allocation. Selected Financial Information by Business Segment 2024 $ in millions IS WM IM I/E Total Investment banking $ 6,170 $ 653 $ — $ (118) $ 6,705 Trading 15,967 733 9 54 16,763 Investments 406 85 333 — 824 Commissions and fees 1 2,905 2,478 — (289) 5,094 Asset management 1, 2 646 16,501 5,627 (275) 22,499 Other 607 657 14 (13) 1,265 Total non-interest revenues 26,701 21,107 5,983 (641) 53,150 Interest income 39,332 16,247 112 (1,556) 54,135 Interest expense 37,953 8,934 234 (1,597) 45,524 Net interest 1,379 7,313 (122) 41 8,611 Net revenues $ 28,080 $ 28,420 $ 5,861 $ (600) $ 61,761 Provision for credit losses $ 202 $ 62 $ — $ — $ 264 Compensation and benefits 3 8,669 15,207 2,302 — 26,178 Non-compensation expenses 3 10,460 5,411 2,422 (570) 17,723 Total non-interest expenses $ 19,129 $ 20,618 $ 4,724 $ (570) $ 43,901 Income before provision for income taxes $ 8,749 $ 7,740 $ 1,137 $ (30) $ 17,596 Provision for income taxes 1,947 1,852 275 (7) 4,067 Net income 6,802 5,888 862 (23) 13,529 Net income applicable to noncontrolling interests 136 — 3 — 139 Net income applicable to Morgan Stanley $ 6,666 $ 5,888 $ 859 $ (23) $ 13,390 Pre-tax margin 4 31 % 27 % 19 % N/M 28 % 2023 $ in millions IS WM IM I/E Total Investment banking $ 4,578 $ 454 $ — $ (84) $ 4,948 Trading 14,468 823 (59) 31 15,263 Investments 177 62 334 — 573 Commissions and fees 1 2,540 2,279 — (282) 4,537 Asset management 1, 2 596 14,019 5,231 (229) 19,617 Other 480 513 (7) (11) 975 Total non-interest revenues 22,839 18,150 5,499 (575) 45,913 Interest income 5 32,383 15,015 135 (1,684) 45,849 Interest expense 5 32,162 6,897 264 (1,704) 37,619 Net interest 221 8,118 (129) 20 8,230 Net revenues $ 23,060 $ 26,268 $ 5,370 $ (555) $ 54,143 Provision for credit losses $ 401 $ 131 $ — $ — $ 532 Compensation and benefits 3 8,369 13,972 2,217 — 24,558 Non-compensation expenses 3 9,814 5,635 2,311 (520) 17,240 Total non-interest expenses $ 18,183 $ 19,607 $ 4,528 $ (520) $ 41,798 Income before provision for income taxes $ 4,476 $ 6,530 $ 842 $ (35) $ 11,813 Provision for income taxes 884 1,508 199 (8) 2,583 Net income 3,592 5,022 643 (27) 9,230 Net income applicable to noncontrolling interests 139 — 4 — 143 Net income applicable to Morgan Stanley $ 3,453 $ 5,022 $ 639 $ (27) $ 9,087 Pre-tax margin 4 19 % 25 % 16 % N/M 22 % 2022 $ in millions IS WM IM I/E Total Investment banking $ 5,235 $ 438 $ — $ (74) $ 5,599 Trading 14,318 (432) (11) 53 13,928 Investments (156) 51 120 — 15 Commissions and fees 1 2,756 2,467 — (285) 4,938 Asset management 1,2 580 13,872 5,332 (206) 19,578 Other (295) 592 (2) (12) 283 Total non-interest revenues 22,438 16,988 5,439 (524) 44,341 Interest income 13,276 9,579 56 (1,316) 21,595 Interest expense 11,321 2,150 120 (1,323) 12,268 Net interest 1,955 7,429 (64) 7 9,327 Net revenues $ 24,393 $ 24,417 $ 5,375 $ (517) $ 53,668 Provision for credit losses $ 211 $ 69 $ — $ — $ 280 Compensation and benefits 3 8,246 12,534 2,273 — 23,053 Non-compensation expenses 3 9,221 5,231 2,295 (501) 16,246 Total non-interest expenses $ 17,467 $ 17,765 $ 4,568 $ (501) $ 39,299 Income before provision for income taxes $ 6,715 $ 6,583 $ 807 $ (16) $ 14,089 Provision for income taxes 1,308 1,444 162 (4) 2,910 Net income 5,407 5,139 645 (12) 11,179 Net income applicable to noncontrolling interests 165 — (15) — 150 Net income applicable to Morgan Stanley $ 5,242 $ 5,139 $ 660 $ (12) $ 11,029 Pre-tax margin 4 28 % 27 % 15 % N/M 26 % 1. Substantially all revenues are from contracts with customers. 2. Includes certain fees that may relate to services performed in prior periods. 3. The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. 4. Pre-tax margin represents income before provision for income taxes as a percentage of net revenues. 5. Certain prior-period amounts have been adjusted to conform with the current-period presentation. This adjustment resulted in a decrease to both interest income and interest expense of $4,432 million for the year ended December 31, 2023, and no effect on net interest income, with the entire impact to the Firm recorded within the Institutional Securities segment. See Note 2 for additional information. Detail of Investment Banking Revenues $ in millions 2024 2023 2022 Institutional Securities—Advisory $ 2,378 $ 2,244 $ 2,946 Institutional Securities—Underwriting 3,792 2,334 2,289 Firm Investment banking revenues from contracts with customers 90 % 91 % 90 % Trading Revenues by Product Type $ in millions 2024 2023 2022 Interest rate $ 5,901 $ 4,646 $ 2,808 Foreign exchange 1,170 1,054 1,585 Equity 1 9,005 8,929 7,515 Commodity and other 2,003 1,624 1,466 Credit (1,316) (990) 554 Total $ 16,763 $ 15,263 $ 13,928 1. Dividend income is included within equity contracts. The previous table summarizes realized and unrealized gains and losses primarily related to the Firm’s Trading assets and liabilities, from derivative and non-derivative financial instruments, included in Trading revenues in the income statement. The Firm generally utilizes financial instruments across a variety of product types in connection with its market-making and related risk management strategies. The trading revenues presented in the table are not representative of the manner in which the Firm manages its business activities and are prepared in a manner similar to the presentation of trading revenues for regulatory reporting purposes. Investment Management Investments Revenues—Net Cumulative Unrealized Carried Interest $ in millions At At Net cumulative unrealized performance-based fees at risk of reversing $ 796 $ 787 The Firm’s portion of net cumulative performance-based fees in the form of unrealized carried interest, for which the Firm is not obligated to pay compensation, is at risk of reversing when the returns in certain funds fall below specified performance targets. See Note 14 for information regarding general partner guarantees, which include potential obligations to return performance fee distributions previously received. Investment Management Asset Management Revenues—Reduction of Fees Due to Fee Waivers $ in millions 2024 2023 2022 Fee waivers $ 99 $ 93 $ 211 The Firm waives a portion of its fees in the Investment Management business segment from certain registered money market funds that comply with the requirements of Rule 2a-7 of the Investment Company Act of 1940. Certain Other Fee Waivers Separately, the Firm’s employees, including its senior officers, may participate on the same terms and conditions as other investors in certain funds that the Firm sponsors primarily for client investment, and the Firm may waive or lower applicable fees and charges for its employees. Other Expenses—Transaction Taxes $ in millions 2024 2023 2022 Transaction taxes $ 926 $ 866 $ 910 Transaction taxes are composed of securities transaction taxes and stamp duties, which are levied on the sale or purchase of securities listed on recognized stock exchanges in certain markets. These taxes are imposed mainly on trades of equity securities in Asia and EMEA. Similar transaction taxes are levied on trades of listed derivative instruments in certain countries. Net Revenues by Region $ in millions 2024 2023 2022 Americas $ 46,929 $ 41,651 $ 40,117 EMEA 7,197 6,058 6,811 Asia 7,635 6,434 6,740 Total $ 61,761 $ 54,143 $ 53,668 Income before Provision for Income Taxes $ in millions 2024 2023 2022 U.S. $ 12,526 $ 8,334 $ 9,363 Non-U.S. 1 5,070 3,479 4,726 Total $ 17,596 $ 11,813 $ 14,089 1. Non-U.S. income is defined as income generated from operations located outside the U.S. The Firm operates in both U.S. and non-U.S. markets. The Firm’s non-U.S. business activities are principally conducted and managed through EMEA and Asia locations. The net revenues disclosed in the previous table reflect the regional view of the Firm’s consolidated net revenues on a managed basis, based on the following methodology: Institutional Securities : Client location for advisory and equity underwriting, syndicate desk location for debt underwriting, trading desk location for sales and trading. Wealth Management : Americas, where representatives operate. Investment Management : Client location, except certain closed-end funds, which are based on asset location. Revenues Recognized from Prior Services $ in millions 2024 2023 2022 Non-interest revenues $ 1,870 $ 1,778 $ 2,538 The previous table includes revenues from contracts with customers recognized where some or all services were performed in prior periods. These revenues primarily include investment banking advisory fees. Receivables from Contracts with Customers $ in millions At At Customer and other receivables $ 2,628 $ 2,339 Receivables from contracts with customers, which are included within Customer and other receivables in the balance sheet, arise when the Firm has both recorded revenues and the right per the contract to bill the customer. Assets by Business Segment $ in millions At At Institutional Securities $ 796,608 $ 810,506 Wealth Management 400,848 365,168 Investment Management 17,615 18,019 Total 1 $ 1,215,071 $ 1,193,693 1. Parent assets have been fully allocated to the business segments. Total Assets by Region $ in millions At At Americas 893,170 $ 832,714 EMEA 179,187 218,923 Asia 142,714 142,056 Total $ 1,215,071 $ 1,193,693

Parent Company

Parent Company	12 Months Ended
	Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]
Parent Company	Parent Company Parent Company Only—Condensed Income Statement and Comprehensive Income Statement $ in millions 2024 2023 2022 Revenues Dividends from bank subsidiaries $ 5,571 $ 5,770 $ 2,875 Dividends from BHC and non-bank subsidiaries 5,229 6,812 8,661 Total dividends from subsidiaries 10,800 12,582 11,536 Trading (827) (775) (1,143) Other 36 (31) 170 Total non-interest revenues 10,009 11,776 10,563 Interest income 15,739 13,596 5,805 Interest expense 15,377 13,618 6,162 Net interest 362 (22) (357) Net revenues 10,371 11,754 10,206 Non-interest expenses 358 287 252 Income before income taxes 10,013 11,467 9,954 Provision for (benefit from) income taxes (499) (520) (456) Net income before undistributed gain of subsidiaries 10,512 11,987 10,410 Undistributed (loss) gain of subsidiaries 2,878 (2,900) 619 Net income 13,390 9,087 11,029 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments (324) 51 (202) Change in net unrealized gains (losses) on available-for-sale securities 521 1,098 (4,437) Pensions and other 12 (87) 43 Change in net debt valuation adjustment (551) (1,250) 1,449 Net change in cash flow hedges (51) 20 (4) Comprehensive income $ 12,997 $ 8,919 $ 7,878 Net income $ 13,390 $ 9,087 $ 11,029 Preferred stock dividends and other 590 557 489 Earnings applicable to Morgan Stanley common shareholders $ 12,800 $ 8,530 $ 10,540 Parent Company Only—Condensed Balance Sheet $ in millions, except share data At At Assets Cash and cash equivalents $ 19,343 $ 16,881 Trading assets at fair value 3,944 4,160 Investment securities: Available-for-sale at fair value (amortized cost of $22,557 and $22,164; $11,816 and $10,179 were pledged to various parties) 22,100 21,515 Held-to-maturity (fair value of $12,050 and $14,093; $1,715 and $10,010 were pledged to various parties) 13,160 15,284 Securities purchased under agreement to resell to affiliates 26,730 24,693 Advances to subsidiaries: Bank and BHC 37,370 38,550 Non-bank 154,100 139,250 Equity investments in subsidiaries: Bank and BHC 60,904 58,949 Non-bank 51,100 50,291 Other assets 1,886 2,595 Total assets $ 390,637 $ 372,168 Liabilities Trading liabilities at fair value $ 100 $ 44 Securities sold under agreements to repurchase from affiliates 13,764 20,293 Payables to and advances from subsidiaries 87,124 73,370 Other liabilities and accrued expenses 3,011 2,539 Borrowings (includes $12,814 and $13,404 at fair value) 182,127 176,884 Total liabilities 286,126 273,130 Commitments and contingent liabilities (see Note 14) Equity Preferred stock 9,750 8,750 Common stock, $0.01 par value: Shares authorized: 3,500,000,000 ; Shares issued: 2,038,893,979 ; Shares outstanding: 1,606,653,706 and 1,626,828,437 20 20 Additional paid-in capital 30,179 29,832 Retained earnings 104,989 97,996 Employee stock trusts 5,103 5,314 Accumulated other comprehensive income (loss) (6,814) (6,421) Common stock held in treasury at cost, $0.01 par value ( 432,240,273 and 412,065,542 shares) (33,613) (31,139) Common stock issued to employee stock trusts (5,103) (5,314) Total shareholders’ equity 104,511 99,038 Total liabilities and equity $ 390,637 $ 372,168 Parent Company Only—Condensed Cash Flow Statement $ in millions 2024 2023 2022 Net cash provided by (used for) operating activities $ 10,688 $ 24,914 $ (13,064) Cash flows from investing activities Proceeds from (payments for): AFS securities: Purchases (7,806) (9,362) (1,855) Proceeds from sales — 300 676 Proceeds from paydowns and maturities 7,444 5,479 3,814 HTM securities: Purchases (1,729) — (4,228) Proceeds from paydowns and maturities 4,402 4,003 3,434 Securities purchased under agreements to resell with affiliates (2,037) (1,706) (1,871) Securities sold under agreements to repurchase with affiliates (6,529) (8,389) 11,755 Advances to and investments in subsidiaries (15,191) (10,097) (10,574) Net cash provided by (used for) investing activities (21,446) (19,772) 1,151 Cash flows from financing activities Proceeds from: Issuance of preferred stock, net of issuance costs 995 — 994 Issuance of Borrowings 33,385 23,783 34,431 Payments for: Borrowings (24,500) (22,554) (14,441) Repurchases of common stock and employee tax withholdings (4,161) (6,178) (10,871) Cash dividends (6,138) (5,763) (5,401) Net change in advances from subsidiaries 13,839 (3,029) 16,707 Net cash provided by (used for) financing activities 13,420 (13,741) 21,419 Effect of exchange rate changes on cash and cash equivalents (200) 147 485 Net increase (decrease) in cash and cash equivalents 2,462 (8,452) 9,991 Cash and cash equivalents, at beginning of period 16,881 25,333 15,342 Cash and cash equivalents, at end of period $ 19,343 $ 16,881 $ 25,333 Cash and cash equivalents: Cash and due from banks $ 66 $ 107 $ 75 Deposits with bank subsidiaries 19,277 16,774 25,258 Cash and cash equivalents, at end of period $ 19,343 $ 16,881 $ 25,333 Restricted cash $ 1,086 $ 1,086 $ 836 Supplemental Disclosure of Cash Flow Information Cash payments for: Interest $ 15,971 $ 14,437 $ 5,955 Income taxes, net of refunds 1 798 599 3,132 1. Represents total payments, net of refunds, made to various tax authorities and includes taxes paid on behalf of certain subsidiaries that are subsequently settled between the Parent Company and these subsidiaries. The settlements received from subsidiaries were $1.6 billion, $1.6 billion and $2.6 billion for 2024, 2023 and 2022, respectively. For information on the Parent Company’s preferred stock, see Note 17. Parent Company’s Borrowings with Original Maturities Greater than One Year $ in millions At At Senior $ 168,413 $ 164,514 Subordinated 13,713 12,370 Total $ 182,126 $ 176,884 Transactions with Subsidiaries The Parent Company has transactions with its consolidated subsidiaries determined on an agreed-upon basis and has guaranteed certain unsecured lines of credit and contractual obligations on certain of its consolidated subsidiaries. Guarantees In the normal course of its business, the Parent Company guarantees certain of its subsidiaries’ obligations on a transaction-by-transaction basis under various financial arrangements. The Parent Company has issued guarantees on behalf of its subsidiaries to various U.S. and non-U.S. exchanges and clearinghouses that trade and clear securities and/or futures contracts. Under these guarantee arrangements, the Parent Company may be required to pay the financial obligations of its subsidiaries related to business transacted on or with the exchanges and clearinghouses in the event of a subsidiary’s default on its obligations to the exchange or the clearinghouse. The Parent Company has not recorded any contingent liability in its condensed financial statements for these arrangements and believes that any potential requirements to make payments under these arrangements are remote. The Parent Company also, in the normal course of business, provides standard indemnities to counterparties on behalf of its subsidiaries for taxes, including U.S. and foreign withholding taxes, on interest and other payments made on derivatives, securities and stock-lending transactions, and certain annuity products, and may also provide indemnities to or on behalf of affiliates from time to time for other arrangements. These indemnity payments could be required, as applicable, based on a change in the tax laws, change in interpretation of applicable tax rulings or claims arising from contractual relationships between affiliates. Certain contracts contain provisions that enable the Parent Company to terminate the agreement upon the occurrence of such events. The maximum potential amount of future payments that the Parent Company could be required to make under these indemnifications cannot be estimated. The Parent Company has not recorded any contingent liability in its condensed financial statements for these indemnifications and believes that the occurrence of any events that would trigger payments under these contracts is remote. Guarantees of Debt Instruments and Warrants Issued by Subsidiaries $ in millions At At Aggregate balance $ 70,662 $ 60,942 Guarantees under Subsidiary Lease Obligations $ in millions At At Aggregate balance 1 $ 628 $ 632 1. Amounts primarily relate to the U.K. Finance Subsidiary The Parent Company fully and unconditionally guarantees the securities issued by Morgan Stanley Finance LLC, a wholly owned finance subsidiary. No other subsidiary of the Parent Company guarantees these securities. Resolution and Recovery Planning As indicated in the Firm’s 2023 resolution plan submitted to the Federal Reserve and the FDIC, the Parent Company has entered into an amended and restated support agreement with its material entities (including its wholly owned, direct subsidiary Morgan Stanley Holdings LLC (the “Funding IHC”)) and certain other subsidiaries. Under the amended and restated secured support agreement, in the event of a resolution scenario, the Parent Company would be obligated to contribute all of its contributable assets to its supported entities and/or the Funding IHC. The Funding IHC would be obligated to provide capital and liquidity, as applicable, to its supported entities. The obligations of the Parent Company and the Funding IHC under the amended and restated support agreement are in most cases secured on a senior basis by the assets of the Parent Company (other than shares in subsidiaries of the Parent Company and certain other assets) and the assets of the Funding IHC.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income applicable to Morgan Stanley	$ 13,390	$ 9,087	$ 11,029

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk management and strategy We, our businesses, and the broader financial services industry face an increasingly complex and evolving threat environment. We have made and continue to make substantial investments in cybersecurity and fraud prevention technology, and employ experienced talent to lead our Cybersecurity and Information Security organizations and program under the oversight of the Board and the BOTC. See “Risk Factors—Operational Risk” for information on risks to the Firm from cybersecurity threats. As part of the ERM framework, we have implemented and maintain a program to assess, identify and manage risks arising from the cybersecurity threats confronting the Firm (“Cybersecurity Program”). Our Cybersecurity Program helps protect our clients, customers, employees, property, products, services and reputation by seeking to preserve the confidentiality, integrity and availability of information, enable the secure delivery of financial services, and protect the business and the safe operation of our technology systems. We continually adjust our Cybersecurity Program to address the evolving cybersecurity threat landscape and comply with extensive legal and regulatory expectations. Processes for assessing, identifying and managing material risks from cybersecurity threats Our Cybersecurity Program takes into account industry best practices and addresses risks from cybersecurity threats to our network, infrastructure, computing environment and the third parties that we rely on. We periodically assess the design of our cybersecurity controls against the Cyber Risk Institute Cyber Profile, which is based on the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework for Improving Critical Infrastructure Cybersecurity, as well as global cybersecurity regulations, and develop improvements to those controls in response to that assessment. Our Cybersecurity Program also includes cybersecurity and information security policies, procedures and technologies that are designed to address regulatory requirements and protect our clients’, employees’ and own data against unauthorized disclosure, modification and misuse. These policies, procedures and technologies cover a broad range of areas, including: identification of internal and external threats, access control, data security, protective controls, detection of malicious or unauthorized activity, incident response and recovery planning. See also “Firm Resilience” herein for a discussion of our resilience program that is designed to mitigate the impacts of cybersecurity events and other risks. Our threat intelligence function within the Cybersecurity Program actively engages in private and public information-sharing communities and leverages both commercial and proprietary products to collect a wide variety of industry and governmental information regarding the latest cybersecurity threats, which informs our cybersecurity risk assessments and strategy. This information is also provided to an internal cyber threat detection team, which develops and implements strategies designed to defend against these cybersecurity threats across our environment. Our vulnerability management team, as well as NFR, also reviews external cybersecurity incidents that may be relevant to the Firm to further inform the design of our Cybersecurity Program. To assess the efficacy of our controls and defenses designed to mitigate cybersecurity risk, we utilize internal and external testing, including penetration testing and red team engagements. The results of these assessments are used to strengthen the Cybersecurity Program. Additionally, we maintain a global training program covering cybersecurity risks and requirements, including heightened security training to specialized employees, and conduct regular phishing email simulations for our employees and consultants as preventative measures. When a threat is identified in our environment, our incident response team follows an incident response plan to evaluate the impact to the Firm and coordinate appropriate remediation. If warranted, the cybersecurity incident will be reported to applicable regulators, authorities, impacted clients or counterparties, as appropriate. The Firm’s cybersecurity incident response and remediation processes, including assessing materiality and reporting requirements, are reviewed through tabletop exercises. Our processes are designed to help oversee, identify and mitigate cybersecurity risks associated with our use of third-party vendors. We maintain a third-party risk management program that evaluates and responds to cybersecurity risks at our third-party vendors. Prior to engaging third-party vendors to provide services to the Firm, we assess the third-party vendors’ cybersecurity programs to identify cybersecurity risks arising from the use of those vendors’ services. Once onboarded, third-party vendors’ cybersecurity programs are subject to risk-based oversight, which may include security questionnaires, submission of independent security audit reports or a Firm audit of the third-party vendor’s security program, and, with limited exceptions, third-party vendors are required to meet our minimum cybersecurity standards. Where a third-party vendor cannot meet those standards, its services, and the residual risk to the Firm, are subject to review, challenge and escalation through our risk management processes and ERM committees, which may ultimately result in requesting increased security measures or ceasing engagement with such third-party vendor. Our Cybersecurity Program is regularly assessed by IAD through various assurance activities, with the results reported to the BAC and the BOTC. Annually, key elements of the Cybersecurity Program are subject to review by an independent third party, the results of which, including opportunities identified for improvement and related remediation plans, are reviewed with the BOTC. Our Cybersecurity Program is also examined regularly by the Firm’s prudential and conduct regulators within the scope of their jurisdiction.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Risk management and strategy We, our businesses, and the broader financial services industry face an increasingly complex and evolving threat environment. We have made and continue to make substantial investments in cybersecurity and fraud prevention technology, and employ experienced talent to lead our Cybersecurity and Information Security organizations and program under the oversight of the Board and the BOTC. See “Risk Factors—Operational Risk” for information on risks to the Firm from cybersecurity threats. As part of the ERM framework, we have implemented and maintain a program to assess, identify and manage risks arising from the cybersecurity threats confronting the Firm (“Cybersecurity Program”). Our Cybersecurity Program helps protect our clients, customers, employees, property, products, services and reputation by seeking to preserve the confidentiality, integrity and availability of information, enable the secure delivery of financial services, and protect the business and the safe operation of our technology systems. We continually adjust our Cybersecurity Program to address the evolving cybersecurity threat landscape and comply with extensive legal and regulatory expectations.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Board of Directors’ oversight of risks from cybersecurity threats
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	As discussed above, material cybersecurity risks are addressed by management-level ERM committees with escalation to the BOTC and Board, as appropriate. The BOTC has primary responsibility for assisting the Board in its oversight of significant operational risk exposures of the Firm and its business units, including IT, information security, fraud, third-party oversight, business disruption and resilience, and cybersecurity risks (including review of cybersecurity risks against established risk management methodologies) and the steps management has taken to monitor and control such exposures.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	As discussed above, material cybersecurity risks are addressed by management-level ERM committees with escalation to the BOTC and Board, as appropriate. The BOTC has primary responsibility for assisting the Board in its oversight of significant operational risk exposures of the Firm and its business units, including IT, information security, fraud, third-party oversight, business disruption and resilience, and cybersecurity risks (including review of cybersecurity risks against established risk management methodologies) and the steps management has taken to monitor and control such exposures.
Cybersecurity Risk Role of Management [Text Block]	Management’s role in assessing and managing material risks from cybersecurity threats Our Cybersecurity Program is operated and maintained by management, including the Chief Information Officer of Cyber, Data, Risk and Resilience (“CIO”) and the Chief Information Security Officer (“CISO”). These senior officers are responsible for assessing and managing the Firm’s cybersecurity risks. Our Cybersecurity Program strategy, which is set by the CISO and overseen by the Head of Cyber, Technology, and Information Security Non-Financial Risk (“Head of NFR CTIS”), is informed by various risk and control assessments, control testing, external assessments, threat intelligence, and public and private information sharing. Our Cybersecurity Program also includes processes for escalating and considering the materiality of incidents that impact the Firm, including escalation to senior management and the Board. The members of management that lead our Cybersecurity Program and strategy have extensive experience in technology, cybersecurity and information security. The CIO has over 30 years of experience in various engineering, IT, operations and information security roles. The CISO has over 25 years of experience leading cybersecurity teams at financial institutions, including in the areas of IT strategy, risk management and information security. The Head of NFR CTIS has over 20 years of experience in technology, security and compliance roles, including experience in government security agencies. Risk levels and mitigating measures are presented to and monitored by dedicated management-level cybersecurity risk committees. These committees include representatives from Firm management as well as business and control stakeholders who review, challenge and, where appropriate, consider exceptions to our policies and procedures. Significant cybersecurity risks are escalated from these committees to our Non-Financial Risk Committee. The CIO and the Head of NFR CTIS report on the status of our Cybersecurity Program, including significant cybersecurity risks; review metrics related to the program; and discuss the status of regulatory and remedial actions and incidents to the FRC, the BOTC and the Board, as appropriate. For more information regarding the Firm’s ERM framework, see “Quantitative and Qualitative Disclosures about Risk—Risk Management.” Board of Directors’ oversight of risks from cybersecurity threats As discussed above, material cybersecurity risks are addressed by management-level ERM committees with escalation to the BOTC and Board, as appropriate. The BOTC has primary responsibility for assisting the Board in its oversight of significant operational risk exposures of the Firm and its business units, including IT, information security, fraud, third-party oversight, business disruption and resilience, and cybersecurity risks (including review of cybersecurity risks against established risk management methodologies) and the steps management has taken to monitor and control such exposures. In accordance with its charter, the BOTC receives quarterly reports from (i) Technology, including the CIO or the CISO; (ii) Operations; and (iii) NFR. Such reporting includes updates on our Cybersecurity Program, risks from cybersecurity threats, our programs to address and mitigate the risks associated with the evolving cybersecurity threat environment, and NFR’s assessment of cybersecurity risks. Senior officers in Technology and NFR also provide an annual report to the BOTC on the status of our broader information security program in compliance with the Gramm-Leach-Bliley Act, which includes a discussion of risks arising from cybersecurity threats. At least annually, senior management representatives in Technology and NFR discuss the status of the Cybersecurity Program and key cybersecurity risks with the Board and, in accordance with the Board’s Corporate Governance Policies, all Board members are invited to attend BOTC meetings and have access to meeting materials. The BOTC, which meets at least quarterly, also reviews and approves significant policies related to cybersecurity, receives an annual independent assessment of key aspects of our Cybersecurity Program from an independent third party and holds joint meetings with the BAC and BRC, as necessary and appropriate. The chair of the BOTC regularly discusses cybersecurity developments with senior management, including the senior officers mentioned above, and reports to the Board on cybersecurity risks and threats and other related matters.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Cybersecurity Program is operated and maintained by management, including the Chief Information Officer of Cyber, Data, Risk and Resilience (“CIO”) and the Chief Information Security Officer (“CISO”).
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The members of management that lead our Cybersecurity Program and strategy have extensive experience in technology, cybersecurity and information security. The CIO has over 30 years of experience in various engineering, IT, operations and information security roles. The CISO has over 25 years of experience leading cybersecurity teams at financial institutions, including in the areas of IT strategy, risk management and information security. The Head of NFR CTIS has over 20 years of experience in technology, security and compliance roles, including experience in government security agencies.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Management’s role in assessing and managing material risks from cybersecurity threats Our Cybersecurity Program is operated and maintained by management, including the Chief Information Officer of Cyber, Data, Risk and Resilience (“CIO”) and the Chief Information Security Officer (“CISO”). These senior officers are responsible for assessing and managing the Firm’s cybersecurity risks. Our Cybersecurity Program strategy, which is set by the CISO and overseen by the Head of Cyber, Technology, and Information Security Non-Financial Risk (“Head of NFR CTIS”), is informed by various risk and control assessments, control testing, external assessments, threat intelligence, and public and private information sharing. Our Cybersecurity Program also includes processes for escalating and considering the materiality of incidents that impact the Firm, including escalation to senior management and the Board. The members of management that lead our Cybersecurity Program and strategy have extensive experience in technology, cybersecurity and information security. The CIO has over 30 years of experience in various engineering, IT, operations and information security roles. The CISO has over 25 years of experience leading cybersecurity teams at financial institutions, including in the areas of IT strategy, risk management and information security. The Head of NFR CTIS has over 20 years of experience in technology, security and compliance roles, including experience in government security agencies. Risk levels and mitigating measures are presented to and monitored by dedicated management-level cybersecurity risk committees. These committees include representatives from Firm management as well as business and control stakeholders who review, challenge and, where appropriate, consider exceptions to our policies and procedures. Significant cybersecurity risks are escalated from these committees to our Non-Financial Risk Committee. The CIO and the Head of NFR CTIS report on the status of our Cybersecurity Program, including significant cybersecurity risks; review metrics related to the program; and discuss the status of regulatory and remedial actions and incidents to the FRC, the BOTC and the Board, as appropriate. For more information regarding the Firm’s ERM framework, see “Quantitative and Qualitative Disclosures about Risk—Risk Management.” Board of Directors’ oversight of risks from cybersecurity threats As discussed above, material cybersecurity risks are addressed by management-level ERM committees with escalation to the BOTC and Board, as appropriate. The BOTC has primary responsibility for assisting the Board in its oversight of significant operational risk exposures of the Firm and its business units, including IT, information security, fraud, third-party oversight, business disruption and resilience, and cybersecurity risks (including review of cybersecurity risks against established risk management methodologies) and the steps management has taken to monitor and control such exposures. In accordance with its charter, the BOTC receives quarterly reports from (i) Technology, including the CIO or the CISO; (ii) Operations; and (iii) NFR. Such reporting includes updates on our Cybersecurity Program, risks from cybersecurity threats, our programs to address and mitigate the risks associated with the evolving cybersecurity threat environment, and NFR’s assessment of cybersecurity risks. Senior officers in Technology and NFR also provide an annual report to the BOTC on the status of our broader information security program in compliance with the Gramm-Leach-Bliley Act, which includes a discussion of risks arising from cybersecurity threats. At least annually, senior management representatives in Technology and NFR discuss the status of the Cybersecurity Program and key cybersecurity risks with the Board and, in accordance with the Board’s Corporate Governance Policies, all Board members are invited to attend BOTC meetings and have access to meeting materials. The BOTC, which meets at least quarterly, also reviews and approves significant policies related to cybersecurity, receives an annual independent assessment of key aspects of our Cybersecurity Program from an independent third party and holds joint meetings with the BAC and BRC, as necessary and appropriate. The chair of the BOTC regularly discusses cybersecurity developments with senior management, including the senior officers mentioned above, and reports to the Board on cybersecurity risks and threats and other related matters.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Presentation Changes in 2024 and Accounting Updates Adopted	Presentation Changes in 2024 In the first quarter of 2024, the Firm implemented certain presentation changes which resulted in a decrease to both interest income and interest expense of $4,432 million for the year ended December 31, 2023, and no effect on net interest income, with the entire impact to the Firm recorded within the Institutional Securities segment. These changes further aligned the accounting treatment between the balance sheet and the related interest income or expense, primarily by offsetting interest income and expense for certain prime brokerage-related customer receivables and payables that are currently accounted for as a single unit of account on the balance sheet. The current and previous presentation of these interest income and interest expense amounts are acceptable and the change does not represent a change in accounting principle. These changes were applied retrospectively to the consolidated income statement for 2023 and accordingly, 2023 amounts were adjusted to conform with the current presentation. Accounting Updates Adopted in 2024 Segment Reporting The Firm adopted the Segment Reporting - Improvements to Reportable Segment Disclosures accounting update retrospectively, effective January 1, 2024. This accounting update requires additional reportable segment disclosures on an annual and interim basis, primarily about significant segment expenses and other segment items that are regularly provided to the chief operating decision maker and included within the reported measure of segment profit or loss. See Note 22 to the financial statements for disclosures on the Firm’s reportable segments. Investments - Tax Credit Structures The Firm adopted the Investments - Equity Method and Joint Ventures - Tax Credit Structures accounting update on January 1, 2024 using the modified retrospective method. This accounting update permits an election to account for tax equity investments using the proportional amortization method if certain conditions are met. Under the proportional amortization method, the initial cost of the investment is amortized in proportion to the income tax credits and other income tax benefits received and recognized net in the income statement as a component of provision for income taxes. The update requires a separate accounting policy election to be made for each tax credit program. Additional disclosures are required regarding (i) the nature of our tax equity investments and (ii) the effect of our tax equity investments and related income tax credits on the financial condition and results of operations (see Note 11). The adoption resulted in a decrease to Retained earnings of $60 million as of January 1, 2024, net of tax, and a corresponding reduction to Other assets. Accounting Update Adopted in 2022 Reference Rate Reform
Basis of Financial Information	Basis of Financial Information The financial statements are prepared in accordance with U.S. GAAP, which requires the Firm to make estimates and assumptions regarding the valuations of certain financial instruments, the valuations of goodwill and intangible assets, the outcome of legal and tax matters, deferred tax assets, ACL, and other matters that affect its financial statements and related disclosures. The Firm believes that the estimates utilized in the preparation of its financial statements are prudent and reasonable. Actual results could differ materially from these estimates. The Notes are an integral part of the Firm’s financial statements. The Firm has evaluated subsequent events for adjustment to or disclosure in these financial statements through the date of this report and has not identified any recordable or disclosable events not otherwise reported in these financial statements or the notes thereto.
Consolidation	Consolidation The financial statements include the accounts of the Firm, its wholly owned subsidiaries and other entities in which the Firm has a controlling financial interest, including certain VIEs (see Note 15). Intercompany balances and transactions have been eliminated. For consolidated subsidiaries that are not wholly owned, the third-party holdings of equity interests are referred to as Noncontrolling interests. The net income attributable to Noncontrolling interests for such subsidiaries is presented as Net income applicable to noncontrolling interests in the income statement. The portion of shareholders’ equity that is attributable to Noncontrolling interests for such subsidiaries is presented as Noncontrolling interests, a component of Total equity, in the balance sheet. For entities where the total equity investment at risk is sufficient to enable the entity to finance its activities without additional subordinated financial support and the equity holders bear the residual economic risks and returns of the entity and have the power to direct the activities of the entity that most significantly affect its economic performance, the Firm consolidates those entities it controls either through a majority voting interest or otherwise. For VIEs (i.e., entities that do not meet the aforementioned criteria), the Firm consolidates those entities where it has the power to make the decisions that most significantly affect the economic performance of the VIE and has the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. For investments in entities in which the Firm does not have a controlling financial interest but has significant influence over operating and financial decisions, it applies the equity method of accounting with net gains and losses recorded within Other revenues (see Note 11) unless the Firm has elected to measure the investment at fair value, in which case net gains and losses are recorded within Investments revenues (see Note 5). Equity and partnership interests held by entities qualifying for accounting purposes as investment companies are carried at fair value. The Firm’s significant regulated U.S. and international subsidiaries include: • Morgan Stanley & Co. LLC (“MS&Co.”), • Morgan Stanley Smith Barney LLC (“MSSB”), • Morgan Stanley Europe SE (“MSESE”), • Morgan Stanley & Co. International plc (“MSIP”), • Morgan Stanley Capital Services LLC (“MSCS”), • Morgan Stanley Capital Group Inc. (“MSCG”), • Morgan Stanley MUFG Securities Co., Ltd. (“MSMS”), • Morgan Stanley Bank, N.A. (“MSBNA”) and • Morgan Stanley Private Bank, National Association (“MSPBNA”).
Revenue Recognition	Revenue Recognition Revenues are recognized when the promised goods or services are delivered to our customers in an amount that is based on the consideration the Firm expects to receive in exchange for those goods or services when such amounts are not probable of significant reversal. Investment Banking Revenues from investment banking activities consist of revenues earned from underwriting, primarily equity and fixed income securities and loan syndications, and advisory fees, primarily for mergers, acquisitions and restructurings. Underwriting revenues are generally recognized on trade date if there is no uncertainty or contingency related to the amount to be paid. Underwriting costs are deferred and recognized in the relevant non-interest expenses line items when the related underwriting revenues are recorded. Advisory fees are recognized as advice is provided to the client, based on the estimated progress of work and when revenues are not probable of a significant reversal. Advisory costs are recognized as incurred in the relevant non-interest expenses line items, including those reimbursed. Commissions and Fees Commission and fee revenues generally result from transaction-based arrangements in which the client is charged a fee for the execution of transactions. Such revenues primarily arise from transactions in equity securities; services related to sales and trading activities; and sales of mutual funds, alternative funds, futures, insurance products and options, as well as revenues from order flow payments for directing customer orders to broker-dealers, exchanges and market centers for execution. Commission and fee revenues are recognized on trade date when the performance obligation is satisfied. Asset Management Revenues Asset management, distribution and administration fees are generally based on related asset levels, such as the AUM of a customer’s account or the net asset value of a fund. These fees are generally recognized when services are performed and the value of the assets is known. Management fees are reduced by estimated fee waivers and expense caps, if any, provided to the customer. Performance-based fees not in the form of carried interest are recorded when the annual performance target is met and the revenues are not probable of a significant reversal. Sales commissions paid by the Firm in connection with the sale of certain classes of shares of its open-end mutual fund products are accounted for as deferred commission assets and amortized to Other expenses over the expected life of the contract. The Firm periodically tests deferred commission assets for recoverability based on cash flows expected to be received in future periods. Other asset management and distribution costs are recognized as incurred in the relevant non-interest expenses line items. Investments Revenues—Carried Interest The Firm is entitled to receive performance-based fees in the form of carried interest when the return in certain funds exceeds specified performance targets. When the Firm earns carried interest from funds as specified performance thresholds are met, that carried interest and any related general or limited partner interest are accounted for under the equity method of accounting and measured based on the Firm’s claim on the NAV of the fund at the reporting date, taking into account the distribution terms applicable to the interest held. Such items are reflected within Investments revenues. See Note 22 for information regarding the net cumulative unrealized amount of performance-based fee revenues at risk of reversal. See Note 14 for information regarding general partner guarantees, which include potential obligations to return performance fee distributions previously received. Other Items Revenues from certain commodities-related contracts are recognized in Trading revenues when the Firm has transferred control over the promised goods or services to the customer. Receivables from contracts with customers are recognized in Customer and other receivables in the balance sheet when the underlying performance obligations have been satisfied and the Firm has the right per the contract to bill the customer. Contract assets are recognized in Other assets when the Firm has satisfied its performance obligations but customer payment is conditional on something other than the passage of time. Contract liabilities are recognized in Other liabilities and accrued expenses when the Firm has collected payment from a customer based on the terms of the contract but the underlying performance obligations are not yet satisfied. For contracts with a term of less than one year, incremental costs to obtain the contract are expensed as incurred. Revenues are not discounted when payment is expected within one year. The Firm generally presents, net within revenues, taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the Firm from a customer.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of Cash and due from banks and interest-bearing deposits with banks. Cash equivalents are highly liquid investments with remaining maturities of three months or less from the acquisition date that are readily convertible to cash and are not held for trading purposes. Cash and cash equivalents also include Restricted cash, such as cash segregated in compliance with federal or other regulations, including minimum reserve requirements set by the Federal Reserve Bank and other central banks, and the Firm’s initial margin deposited with clearing organizations.
Restricted Cash	Cash and Cash Equivalents Cash and cash equivalents consist of Cash and due from banks and interest-bearing deposits with banks. Cash equivalents are highly liquid investments with remaining maturities of three months or less from the acquisition date that are readily convertible to cash and are not held for trading purposes. Cash and cash equivalents also include Restricted cash, such as cash segregated in compliance with federal or other regulations, including minimum reserve requirements set by the Federal Reserve Bank and other central banks, and the Firm’s initial margin deposited with clearing organizations.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Instruments within Trading assets and Trading liabilities are measured at fair value, either as required or allowed by accounting guidance. These financial instruments primarily represent the Firm’s trading and investment positions and include both cash and derivative products. In addition, securities classified as Available-for-Sale (“AFS”) are measured at fair value. Gains and losses on instruments carried at fair value are reflected in Trading revenues, Investments revenues or Investment banking revenues in the income statement, except for gains and losses related to AFS securities (see “AFS Investment Securities” section herein and Note 7) and derivatives accounted for as hedges, as well as economic derivative hedges associated with certain held-for-sale and held-for-investment corporate loans and lending commitments (see “Hedge Accounting” and “Other Hedges” herein and Note 6). Interest income and interest expense are recorded within the income statement depending on the nature of the instrument and related market conventions. When interest is included as a component of the instruments’ fair value, interest is recorded within Trading revenues or Investments revenues. Otherwise, it is recorded within Interest income or Interest expense. Dividend income is recorded in Trading revenues or Investments revenues depending on the business activity. The fair value of OTC financial instruments, including derivative contracts related to financial instruments and commodities, is presented in the accompanying balance sheet on a net-by-counterparty basis, when appropriate. Additionally, the Firm nets the fair value of cash collateral paid or received against the fair value amounts recognized for net derivative positions executed with the same counterparty under the same master netting agreement. Fair Value Option The Firm has elected to measure certain eligible instruments at fair value, including Securities purchased under agreements to resell, Loans and lending commitments, equity method investments and certain other assets, Deposits, Securities sold under agreements to repurchase, Other secured financings and Borrowings. Fair Value Measurement—Definition and Hierarchy Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e ., the “exit price”) in an orderly transaction between market participants at the measurement date. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, assumptions are set to reflect those that the Firm believes market participants would use in pricing the asset or liability at the measurement date. Where the Firm manages a group of financial assets, financial liabilities, and nonfinancial items accounted for as derivatives on the basis of its net exposure to either market risks or credit risk, the Firm measures the fair value of that group of financial instruments consistently with how market participants would price the net risk exposure at the measurement date. In determining fair value, the Firm uses various valuation approaches and establishes a hierarchy for inputs used in measuring fair value that requires the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability that were developed based on market data obtained from sources independent of the Firm. Unobservable inputs are inputs that reflect assumptions the Firm believes other market participants would use in pricing the asset or liability that are developed based on the best information available in the circumstances. The fair value hierarchy is broken down into three levels based on the observability of inputs as follows, with Level 1 being the highest and Level 3 being the lowest level: Level 1. Valuations based on quoted prices in active markets that the Firm has the ability to access for identical assets or liabilities. Valuation adjustments, block discounts and discounts for entity-specific and contractual restrictions that would not transfer to market participants are not applied to Level 1 instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. Level 2. Valuations based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, significant market inputs other than quoted prices that are observable for the asset or liability, or market-corroborated inputs. Level 3. Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The availability of observable inputs can vary from product to product and is affected by a wide variety of factors, including the type of product, whether the product is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the product. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Firm in determining fair value is greatest for instruments categorized in Level 3 of the fair value hierarchy. The Firm considers prices and inputs that are current as of the measurement date, including during periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be reclassified from Level 1 to Level 2 or from Level 2 to Level 3 of the fair value hierarchy. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the total fair value amount is disclosed in the level appropriate for the lowest level input that is significant to the total fair value of the asset or liability. Valuation Techniques Many cash instruments and OTC derivative contracts have bid and ask prices that can be observed in the marketplace. Bid prices reflect the highest price that a party is willing to pay for an asset. Ask prices represent the lowest price that a party is willing to accept for an asset. The Firm carries positions at the point within the bid-ask range that meets its best estimate of fair value. For offsetting positions in the same financial instrument, the same price within the bid-ask spread is used to measure both the long and short positions. Fair value for many cash instruments and OTC derivative contracts is derived using pricing models. Pricing models take into account the contract terms, as well as multiple inputs, including, where applicable, commodity prices, equity prices, interest rate yield curves, credit curves, correlation, creditworthiness of the counterparty, creditworthiness of the Firm, option volatility and currency rates. Where appropriate, valuation adjustments are made to account for various factors such as liquidity risk (bid-ask adjustments), credit quality, model uncertainty, and concentration risk and funding in order to arrive at fair value. Adjustments for liquidity risk adjust model-derived mid-market amounts of Level 2 and Level 3 financial instruments for the bid-mid or mid-ask spread required to properly reflect the exit price of a risk position. Bid-mid and mid-ask spreads are marked to levels observed in trade activity, broker quotes or other external third-party data. Where these spreads are unobservable for the particular position in question, spreads are derived from observable levels of similar positions. The Firm applies credit-related valuation adjustments to its Borrowings for which the fair value option was elected and to OTC derivatives. The Firm considers the impact of changes in its own credit spreads based upon observations of the secondary bond market spreads when measuring the fair value for Borrowings. For OTC derivatives, which are recognized in Trading assets at fair value in the balance sheet, the impact of changes in both the Firm’s and the counterparty’s credit rating is considered when measuring fair value. In determining the expected exposure, the Firm simulates the distribution of the future exposure to a counterparty, then applies market-based default probabilities to the future exposure, leveraging external third-party CDS spread data. Where CDS spread data are unavailable for a specific counterparty, bond market spreads, CDS spread data based on the counterparty’s credit rating or CDS spread data that reference a comparable counterparty may be utilized. The Firm also considers collateral held and legally enforceable master netting agreements that mitigate its exposure to each counterparty. Adjustments for model uncertainty are taken for positions whose underlying models are reliant on significant inputs that are neither directly nor indirectly observable, hence requiring reliance on established theoretical concepts in their derivation. These adjustments are derived by making assessments of the possible degree of variability using statistical approaches and market-based information where possible. The Firm may apply concentration adjustments to certain of its OTC derivative portfolios to reflect the additional cost of closing out a particularly large risk exposure. Where possible, these adjustments are based on observable market information, but in many instances, significant judgment is required to estimate the costs of closing out concentrated risk exposures due to the lack of liquidity in the marketplace. The Firm applies an FVA in the fair value measurements of OTC uncollateralized or partially collateralized derivatives and in collateralized derivatives where the terms of the agreement do not permit the reuse of the collateral received. In general, FVA reflects a market funding risk premium inherent in the noted derivative instruments. The methodology for measuring FVA leverages the Firm’s existing credit-related valuation adjustment calculation methodologies, which apply to both assets and liabilities. See Note 4 for a description of valuation techniques applied to the major categories of financial instruments measured at fair value. Assets and Liabilities Measured at Fair Value on a Non-recurring Basis Certain of the Firm’s assets and liabilities are measured at fair value on a non-recurring basis. The Firm incurs losses or gains for any adjustments of these assets or liabilities to fair value. For assets and liabilities measured at fair value on a non-recurring basis, fair value is determined by using various valuation approaches. The same hierarchy for inputs as described above, which requires that observable inputs be used when available, is used in measuring fair value for these items. For further information on financial assets and liabilities that are measured at fair value on a recurring and non-recurring basis, see Note 4.
Offsetting of Derivative Instruments	Offsetting of Derivative Instruments In connection with its derivative activities, the Firm generally enters into master netting agreements and collateral agreements with its counterparties. These agreements provide the Firm with the right, in the event of a default by the counterparty, to net a counterparty’s rights and obligations under the agreement and to liquidate and set off cash collateral against any net amount owed by the counterparty. Derivatives with enforceable master netting agreements are reported net of cash collateral received and posted. However, in certain circumstances, the Firm may not have such an agreement in place; the relevant insolvency regime may not support the enforceability of the master netting agreement or collateral agreement; or the Firm may not have sought legal advice to support the enforceability of the agreement. In cases where the Firm has not determined an agreement to be enforceable, the related amounts are not offset (see Note 6). The Firm’s policy is generally to receive cash and/or securities posted as collateral (with rights of rehypothecation) in connection with derivative transactions, irrespective of the enforceability determination regarding the master netting and collateral agreement. In certain cases, the Firm may agree for such collateral to be posted by the counterparty to a third-party custodian under a control agreement that enables it to take control of such collateral in the event of a counterparty default. The enforceability of the master netting agreement is taken into account in the Firm’s risk management practices and application of counterparty credit limits. For information related to offsetting of derivatives, see Note 6.
Hedge Accounting	Hedge Accounting The Firm applies hedge accounting using various derivative financial instruments for the following types of hedges: hedges of changes in the fair value of assets and liabilities due to the risk being hedged (fair value hedges); hedges of variability in forecasted cash flows from floating-rate assets due to contractually specified interest rates (cash flow hedges) and hedges of net investments in foreign operations whose functional currency is different from the reporting currency of the Parent Company (net investment hedges). These financial instruments are included within Trading assets—Derivative and other contracts or Trading liabilities—Derivative and other contracts in the balance sheet. For hedges where hedge accounting is being applied, the Firm performs effectiveness testing and other procedures. The change in the fair value of the designated portion of the hedging instrument should be highly correlated, between 80 and 125 percent of the change in the fair value, cash flows, or carrying value (due to translation gains or losses) of the hedged item attributable to the risk being hedged. The Firm considers the impact of valuation adjustments related to counterparty credit spreads and its own credit spreads to determine whether they would cause the hedging relationship to be ineffective. Fair Value Hedges—Interest Rate Risk The Firm’s designated fair value hedges consist of interest rate swaps designated as hedges of changes in the benchmark interest rate of certain fixed-rate AFS securities and senior borrowings. The Firm also designates interest rate swaps as fair value hedges of changes in the benchmark interest rate of certain fixed rate deposits. The Firm is permitted to hedge the full, or part of the contractual term of the hedged instrument. The Firm uses regression analysis to perform an ongoing prospective and retrospective assessment of the effectiveness of these hedging relationships. For qualifying fair value hedges of benchmark interest rates, the change in the fair value of the derivative, offset by the change in the fair value attributable to the change in the benchmark interest rate risk of the hedged asset (liability), is recognized in earnings each period as a component of Interest income (expense). For AFS securities, the change in fair value of the hedged item due to changes other than the risk being hedged will continue to be reported in OCI. When a derivative is de-designated as a hedge, any basis adjustment remaining on the hedged asset (liability) is amortized to Interest income (expense) over the remaining life of the asset (liability) using the effective interest method. For certain AFS securities, the Firm also applies the portfolio layer method of hedge accounting, which permits prepayable and non-prepayable assets to be included in the portfolio and allows more of the portfolio to be hedged. Further, the portfolio layer method of accounting requires that basis adjustments are maintained at the portfolio level and not allocated to individual items until certain de-designation events occur. The amount designated as hedged is the sum of the notional amounts of all outstanding layers in each portfolio. Refer to Note 6 and Note 7 to the financial statements for additional information on portfolio layer method hedging. Net Investment Hedges The Firm uses forward foreign exchange contracts to manage a portion of the currency exposure relating to its net investments in foreign operations. To the extent that the notional amounts of the hedging instruments equal the portion of the investments being hedged and the underlying exchange rate of the derivative hedging instrument is the same as the exchange rate between the functional currency of the investee and the intermediate parent entity’s functional currency, it is considered to be perfectly effective. The gain or loss from revaluing qualifying hedges of net investments in foreign operations at the spot rate is reported within AOCI. The forward points on the hedging instruments are excluded from hedge effectiveness testing and changes in the fair value of this excluded component are recorded currently in Interest income. Cash Flow Hedges—Interest Rate Risk The Firm’s designated cash flow hedges consist of interest rate derivatives designated as hedges of variability in forecasted cash flows from floating-rate assets due to changes in the contractually specified interest rates. The Firm uses regression analysis to perform an ongoing prospective and retrospective assessment of the effectiveness of these hedging relationships. The objective of this strategy is to hedge the risk of changes in the hedged item’s cash flows attributable to changes in the contractually specified interest rate. For qualifying cash flow hedges of contractually specified interest rates, changes in the fair value of the derivative are recorded in OCI and subsequently reclassified to earnings in the same periods when the hedged item affects earnings. If cash flow hedge accounting is discontinued, AOCI is released into earnings immediately if the cash flow of the hedged item is probable of not occurring. Otherwise the amount in AOCI is released into earnings as the forecasted transaction affects earnings. Other Hedges In addition to hedges that are designated and qualify for hedge accounting, the Firm uses derivatives to economically hedge credit risk associated with certain held-for-sale and held-for-investment corporate loans and lending commitments, and the related gains and losses are reported within Other revenues in the income statement. For further information on derivative instruments and hedging activities, see Note 6.
AFS Investment Securities	AFS Investment Securities AFS securities are reported at fair value in the balance sheet. Interest income, including amortization of premiums and accretion of discounts, is included in Interest income in the income statement. Unrealized gains are recorded in OCI, and unrealized losses are recorded either in OCI or in Other revenues as described below. AFS securities in an unrealized loss position are first evaluated to determine whether there is an intent to sell or it is more likely than not the Firm will be required to sell before recovery of the amortized cost basis. If so, the amortized cost basis is written down to the fair value of the security such that the entire unrealized loss is recognized in Other revenues, and any previously established ACL is written off. For all other AFS securities in an unrealized loss position, any portion of unrealized losses representing a credit loss is recognized in Other revenues and as an increase to the ACL for AFS securities, with the remainder of unrealized losses recognized in OCI. A credit loss exists if the Firm does not expect to recover the amortized cost basis of the security. When considering whether a credit loss exists, the Firm considers relevant information, including: • guarantees (implicit or explicit) by the U.S. government; • the extent to which the fair value has been less than the amortized cost basis; • adverse conditions specifically related to the security, its industry or geographic area; • changes in the financial condition of the issuer of the security or, in the case of an asset-backed debt security, changes in the financial condition of the underlying loan obligors; • the payment structure of the debt security and the likelihood of the issuer being able to make payments that increase in the future; • failure of the issuer of the security to make scheduled interest or principal payments; • the current rating and any changes to the rating of the security by a rating agency. If a credit loss exists, the Firm measures the credit loss as the difference between the present value of cash flows expected to be collected (discounted at the implicit interest rate at acquisition of the security or discounted at the effective yield for securities that incorporate changes in prepayment assumptions) and the amortized cost basis of the security. Changes in prepayment assumptions alone are not considered to result in a credit loss. When estimating the present value of expected cash flows, information utilized includes the remaining payment terms of the security, prepayment speeds, financial condition of the issuer, expected defaults and the value of any underlying collateral. Presentation of ACL and Provision for Credit Losses ACL Provision for AFS securities Contra investment securities Other revenue Nonaccrual & ACL Charge-offs on AFS Securities AFS securities follow the same nonaccrual and charge-off guidance as discussed in “Allowance for Credit Losses” herein. HTM Securities HTM securities are reported at amortized cost, net of any ACL, in the balance sheet. Refer to “Allowance for Credit Losses” herein for guidance on the ACL determination. Interest income, including amortization of premiums and accretion of discounts on HTM securities, is included in Interest income in the income statement.
Loans	Loans The Firm accounts for loans based on the following categories: loans held for investment; loans held for sale; and loans at fair value. Nonaccrual and ACL Charge-offs on Loans All loan categories described below follow the same nonaccrual guidance and loans held for investment follow the charge-off guidance as discussed in “Allowance for Credit Losses” herein. Loans Held for Investment Loans held for investment are reported at amortized cost, which consists of the outstanding principle balance adjusted for any charge-offs, the allowance for credit losses, any unamortized deferred fees or costs for originated loans, and any unamortized premiums or discounts for purchased loans. Interest Income. Interest income on performing loans held for investment is accrued and recognized as interest income at the contractual rate of interest. Purchase price discounts or premiums, as well as net deferred loan fees or costs, are amortized into interest income over the life of the loan to produce a level rate of return. Lending Commitments. The Firm records the liability and related expense for the credit exposure related to commitments to fund loans. The liability is recorded in Other liabilities and accrued expenses in the balance sheet and the expense is recorded in the Provision for credit losses in the income statement. For more information regarding loan commitments, standby letters of credit and financial guarantees, see Note 14. For more information regarding allowance for credit losses, refer to “Allowance for Credit Losses” herein. Loans Held for Sale Loans held for sale are measured at the lower of amortized cost or fair value, with valuation changes recorded in Other revenues. The Firm determines the valuation allowance on an individual loan basis, except for residential mortgage loans for which the valuation allowance is determined at the loan product level. Any decreases in fair value below the initial carrying amount and any recoveries in fair value up to the initial carrying amount are recorded in Other revenues. Increases in fair value above initial carrying value are not recognized. Interest Income. Interest income on loans held for sale is accrued and recognized based on the contractual rate of interest. Loan origination fees or costs and purchase price discounts or premiums are deferred as an adjustment to the loan’s cost basis until the related loan is sold and, as such, are included in the periodic determination of the lower of cost or fair value adjustments and the gain or loss recognized at the time of sale. Lending Commitments. Commitments to fund mortgage loans held for sale are derivatives and are reported in Trading assets or Trading liabilities in the balance sheet and in Trading revenues in the income statement. For commitments to fund non-mortgage loans, the Firm records the liability and related expense for the fair value exposure below cost of such commitments in Other liabilities and accrued expenses in the balance sheet with an offset to Other revenues in the income statement. Because loans and lending commitments held for sale are recognized at the lower of cost or fair value, the allowance for credit losses and charge-off policies do not apply to these loans. Loans at Fair Value Loans for which the fair value option is elected are carried at fair value and included in Trading assets in the balance sheet, with changes in fair value recognized in earnings. For further information on loans carried at fair value and classified as Trading assets, see Note 4. Lending Commitments. The Firm records the liability and related expense for the fair value exposure related to commitments to fund loans that will be measured at fair value. The liability is recorded in Trading liabilities in the balance sheet, and the expense is recorded in Trading revenues in the income statement. Because such loans and lending commitments are reported at fair value, the allowance for credit losses and charge-off policies do not apply to these loans.
Allowance for Credit Losses	Allowance for Credit Losses The ACL for financial instruments measured at amortized cost and certain off-balance sheet exposures (e.g ., HFI loans and lending commitments, HTM securities, customer and other receivables and certain guarantees) represents an estimate of expected credit losses over the entire life of the financial instrument. Factors considered by management when determining the ACL include payment status, fair value of collateral and expected payments of principal and interest, as well as internal or external information relating to past events, current conditions, and reasonable and supportable forecasts. The Firm uses three forecasts that include assumptions about certain macroeconomic variables, including, but not limited to, U.S. gross domestic product (“GDP”), equity market indices and unemployment rates, as well as commercial real estate and home price indices. At the conclusion of the Firm’s reasonable and supportable forecast period of 13 quarters, there is a gradual reversion back to historical averages. The ACL is measured on a collective basis when similar risk characteristics exist for multiple instruments, considering all available information relevant to assessing the collectability of cash flows. Generally, the Firm applies a probability of default/loss given default model for instruments that are collectively assessed, under which the ACL is calculated as the product of probability of default, loss given default and exposure at default. These parameters are forecast for each collective group of assets using a scenario-based statistical model. If the instrument does not share similar risk characteristics with other instruments, including when it is probable that the Firm will be unable to collect the full payment of principal and interest on the instrument when due, the ACL is measured on an individual basis. The Firm generally applies a discounted cash flow method for instruments that are individually assessed. The Firm may also elect to use an approach that considers the fair value of the collateral when measuring the ACL if the loan is collateral dependent (i.e ., repayment of the loan is expected to be provided substantially by the sale or operation of the underlying collateral and the borrower is experiencing financial difficulty). Additionally, the Firm can elect to use an approach to measure the ACL that considers the fair value of collateral where the borrower is required to, and reasonably expected to, continually adjust and replenish the amount of collateral securing the instrument to reflect changes in the fair value of such collateral. The Firm has elected to use this approach for certain securities-based loans, margin loans, securities purchased under agreements to resell and securities borrowed. Credit quality indicators considered in developing the ACL include: • Corporate loans, secured lending facilities, commercial real estate loans and securities, and other loans: Internal risk ratings developed by the CRM that are refreshed at least annually, and more frequently as necessary. These ratings generally correspond to external ratings published by S&P. The Firm also considers transaction structure, including type of collateral, collateral terms and position of the obligation within the capital structure. In addition, for commercial real estate, the Firm considers property type and location, net operating income and LTV ratios, among other factors, as well as commercial real estate price and credit spread indices and capitalization rates. • Residential real estate loans: Loan origination Fair Isaac Corporation (“FICO”) credit scores as determined by independent credit agencies in the U.S. and LTV ratios. • Employee loans: Employment status, which includes those currently employed by the Firm and for which the Firm can deduct any unpaid amounts due to it through certain compensation arrangements; and those no longer employed by the Firm where such arrangements are no longer applicable. Qualitative and environmental factors such as economic and business conditions, the nature and volume of the portfolio, and lending terms and the volume and severity of past due loans are also considered in the ACL calculations. Presentation of ACL and Provision for Credit Losses ACL Provision for Held for investment loans Contra asset Provision for credit losses Other instruments measured at amortized cost (e.g ., HTM securities and customer and other receivables) Contra asset Other revenues Employee loans Contra asset Compensation and benefits expenses Held for investment lending commitments Other liabilities and accrued expenses Provision for credit losses Other off-balance sheet instruments (e.g ., certain guarantees) Other liabilities and accrued expenses Other expenses Nonaccrual The Firm places financial instruments on nonaccrual status if principal or interest is not expected when contractually due or is past due for a period of 90 days or more unless the obligation is well-secured and is in the process of collection. For any instrument placed on nonaccrual status, the Firm reverses any unpaid interest accrued with an offsetting reduction to Interest income. Principal and interest payments received on nonaccrual instruments are applied to principal if there is doubt regarding the ultimate collectability of principal. If collection of the principal is not in doubt, interest income is realized on a cash basis. If the instrument is brought current and neither principal nor interest collection is in doubt, instruments can generally return to accrual status, and interest income can be recognized. ACL Charge-offs The principal balance of a financial instrument is charged off in the period it is deemed uncollectible, resulting in a reduction in the ACL and in the balance of the financial instrument in the balance sheet. Accrued interest receivable balances that are separately recorded from the related financial instruments are charged off against Interest income when the related financial instrument is placed on nonaccrual status. Accordingly, the Firm elected not to measure an ACL for accrued interest receivables.
Transfer of Financial Assets	Transfers of Financial Assets Transfers of financial assets are accounted for as sales when the Firm has relinquished control over the transferred assets. Any related gain or loss on sale is recorded in Net revenues. Transfers that are not accounted for as sales are treated as collateralized financings. Securities borrowed or purchased under agreements to resell and securities loaned or sold under agreements to repurchase are treated as collateralized financings (see Note 8). Securities purchased under agreements to resell (“reverse repurchase agreements”) and Securities sold under agreements to repurchase (“repurchase agreements”), including repurchase and reverse repurchase agreements-to-maturity, are carried in the balance sheet at the amount of cash paid or received plus accrued interest except for certain reverse repurchase and repurchase agreements for which the Firm has elected the fair value option (see Note 5). Where appropriate, repurchase agreements and reverse repurchase agreements with the same counterparty are reported on a net basis. Securities borrowed and securities loaned are recorded at the amount of cash collateral advanced or received. In instances where the Firm is the lender in securities-for-securities transactions and is permitted to sell or repledge these securities, the fair value of the collateral received is reported in Trading assets, and the related obligation to return the collateral is reported in Trading liabilities in the balance sheet. Securities-for-securities transactions where the Firm is the borrower are not included in the balance sheet. In order to manage credit exposure arising from these transactions, in appropriate circumstances, the Firm enters into master netting agreements and collateral agreements with its counterparties. These agreements provide the Firm with the right, in the event of a default by the counterparty, to net a counterparty’s rights and obligations under the agreement and to liquidate and set off collateral held by the Firm against the net amount owed by the counterparty. The Firm’s policy is generally to take possession of securities purchased or borrowed in connection with reverse repurchase agreements and securities borrowed transactions, respectively, and to receive cash and/or securities delivered under repurchase agreements or securities loaned transactions (with rights of rehypothecation). For information related to offsetting of certain collateralized transactions, see Note 8.
Premises, Equipment and Capitalized Software Costs	Premises, Equipment and Capitalized Software Costs Premises, equipment and capitalized software costs consist of buildings, leasehold improvements, furniture, fixtures, computer and communications equipment, power generation assets and capitalized software (externally purchased and developed for internal use). Premises, equipment and capitalized software costs are stated at cost less accumulated depreciation and amortization and are included in Other assets in the balance sheet. Depreciation and amortization are provided by the straight-line method over the estimated useful life of the asset. Estimated Useful Life of Assets in years Estimated Useful Life Buildings 39 Leasehold improvements—Building term of lease to 25 Leasehold improvements—Other term of lease to 15 Furniture and fixtures 7 Computer and communications equipment 3 to 9 Power generation assets 15 to 29 Capitalized software costs 2 to 10 Premises, equipment and capitalized software costs are tested for impairment whenever events or changes in circumstances suggest that an asset’s carrying value may not be fully recoverable.
Goodwill and Intangible Assets	Goodwill and Intangible Assets The Firm tests goodwill and indefinite-lived intangible assets for impairment on an annual basis and on an interim basis when certain events or circumstances exist. The Firm tests goodwill for impairment at the reporting unit level, which is generally at the level of or one level below the Firm’s operating segments. The Firm’s operating segments are equivalent to its business segments. The Firm tests indefinite-lived intangible assets for impairment at the aggregate level of management contracts. For both the annual and interim tests, the Firm has the option to either (i) perform a quantitative impairment test or (ii) first perform a qualitative assessment to determine whether it is more likely than not that the fair value is less than its carrying amount, in which case, the quantitative test would be performed. When performing a quantitative impairment test of goodwill, the Firm compares the fair value of the reporting unit with the carrying amount. If the fair value is less than the carrying amount, the impairment loss is equal to the excess of the carrying value over the fair value, limited to the carrying amount of goodwill within the reporting unit. When performing a quantitative impairment test of indefinite-lived intangible assets, the Firm compares the fair value of the assets with the carrying amount. If the fair value is less than the carrying amount, the impairment loss is equal to the excess of the carrying value over the fair value, limited to the carrying amount of the assets. The estimated fair values used in the quantitative impairment tests of goodwill and indefinite-lived intangible assets are derived based on valuation techniques the Firm believes market participants would use. The estimated fair values are generally determined by utilizing a discounted cash flow methodology or methodologies that incorporate price-to-book and price-to-earnings multiples of certain comparable companies for goodwill impairment testing. Intangible assets with a finite life are amortized over their estimated useful life and are reviewed for impairment on an interim basis to assess whether impairment indicators are present. Impairment losses are recorded within Other expenses in the income statement.
Earnings per Common Share	Earnings per Common Share Basic EPS is computed by dividing earnings applicable to Morgan Stanley common shareholders by the weighted average number of common shares outstanding for the period. Earnings applicable to Morgan Stanley common shareholders represents net income applicable to Morgan Stanley reduced by preferred stock dividends. Common shares outstanding include common stock and vested RSUs where recipients have satisfied the relevant vesting terms. Diluted EPS reflects the assumed conversion of all dilutive securities. Share-based awards, including awards that pay dividend equivalents subject to vesting, are included in diluted shares outstanding (if dilutive) under the treasury stock method. The Firm has granted PSUs that vest and convert to shares of common stock only if predetermined performance and market goals are satisfied. Since the issuance of the shares is contingent upon the satisfaction of certain conditions, the PSUs are included in diluted EPS based on the number of shares (if any) that would be issuable if the reporting date was the end of the performance period. For further information on diluted earnings (loss) per common share, see Note 17 to the financial statements.
Deferred Compensation	Deferred Compensation Stock-Based Compensation The Firm measures compensation expense for stock-based awards at fair value. The Firm determines the fair value of RSUs (including PSUs with non-market performance conditions) based on the grant-date fair value of its common stock, measured as the volume-weighted average price on the date of grant (“VWAP”). The fair value of RSUs not entitled to dividends until conversion is measured at VWAP reduced by the present value of dividends expected to be paid on the underlying shares prior to scheduled conversion date. PSUs that contain market-based conditions are valued using a Monte Carlo valuation model. Compensation expense is recognized over the vesting period relevant to each separately vesting portion of the award. Compensation expense for awards with performance conditions is recognized based on the probable outcome of the performance condition at each reporting date. Compensation expense for awards with market-based conditions is recognized irrespective of the probability of the market condition being achieved and is not reversed if the market condition is not met. The Firm accounts for forfeitures as they occur. Stock-based awards generally contain clawback and cancellation provisions. Certain awards provide the Firm discretion to claw back or cancel all or a portion of the award under specified circumstances. Where award terms are considered to be subjective, a grant date cannot be established and the awards are subject to variable accounting which requires that compensation expense for those awards is adjusted for changes in the fair value of the Firm’s common stock or the relevant model valuation, as appropriate, until conversion, exercise or expiration. Following amendments to clarify specific subjective award terms in the second quarter of 2023, a grant date for the awards was established such that compensation expense for those awards is no longer adjusted for changes in the fair value of the Firm’s common stock. The Firm also operates an Employee Stock Purchase Plan (“ESPP”) which allows eligible employees of the Firm to purchase shares of Morgan Stanley at a discount. Employee Stock Trusts In connection with certain stock-based compensation plans, the Firm has established employee stock trusts to provide, at its discretion, common stock voting rights to certain RSU holders. Following the grant of an RSU award, when a stock trust is utilized, the Firm contributes shares to be held in the stock trust until the RSUs convert to common shares. The assets of the employee stock trusts are consolidated with those of the Firm and are generally accounted for in a manner similar to treasury stock, where the shares of common stock outstanding reported in Common stock issued to employee stock trusts are offset by an equal amount reported in Employee stock trusts in the balance sheet. The Firm uses the grant-date fair value of stock-based compensation as the basis for recording the movement of the assets to or from the employee stock trusts. Changes in the fair value are not recognized as the Firm’s stock-based compensation must be settled by delivery of a fixed number of shares of the Firm’s common stock. Deferred Cash-Based Compensation Compensation expense for DCP awards is calculated based on the notional value of the award granted, adjusted for changes in the fair value of the referenced investments that employees select. Compensation expense is recognized over the vesting period relevant to each separately vesting portion of deferred awards. The Firm invests directly, as a principal, in financial instruments and other investments to economically hedge certain of its obligations under its DCP. Changes in the value of such investments are recorded in Trading revenues and Investments revenues. Although changes in compensation expense resulting from changes in the fair value of the referenced investments will generally be offset by changes in the fair value of investments made by the Firm, there is typically a timing difference between the immediate recognition of gains and losses on the Firm’s investments and the deferred recognition of the related compensation expense over the vesting period. Retirement-Eligible Employee Compensation For year-end stock-based awards and DCP awards anticipated to be granted to retirement-eligible employees under award terms that do not contain a future service requirement, the Firm accrues the estimated cost of the awards over the course of the calendar year preceding the grant date, which reflects the period over which the compensation is earned. Carried Interest Compensation The Firm generally recognizes compensation expense for any portion of carried interest (both realized and unrealized) that is allocated to employees. For information on performance-based fees in the form of carried interest, which are directly related to carried interest compensation, see “Revenue Recognition—Carried Interest” herein.
Income Taxes	Income Taxes Deferred tax assets and liabilities are recorded based upon the temporary differences between the financial statement and income tax bases of assets and liabilities using currently enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income tax expense (benefit) in the period that includes the enactment date. Such effects are recorded in Provision for income taxes regardless of where deferred taxes were originally recorded. The Firm recognizes net deferred tax assets to the extent that it believes these assets are more likely than not to be realized. In making such a determination, the Firm considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and results of recent operations. When performing the assessment, the Firm considers all types of deferred tax assets in combination with each other, regardless of the origin of the underlying temporary difference. If a deferred tax asset is determined to be unrealizable, a valuation allowance is established. If the Firm subsequently determines that it would be able to realize deferred tax assets in excess of their net recorded amount, it would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Firm recognizes tax expense associated with Global Intangible Low-Taxed Income as it is incurred as part of the current income taxes to be paid or refunded for the current period. Uncertain tax positions are recorded on the basis of a two-step process, whereby (i) the Firm determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (ii) for those tax positions that meet this threshold, the Firm recognizes the largest amount of tax benefit that is more likely than not to be realized upon ultimate settlement with the related tax authority. Interest and penalties related to unrecognized tax benefits are recognized as a component of the provision for income taxes.
Foreign Currencies	Foreign Currencies Assets and liabilities of operations with non-U.S. dollar functional currencies are translated at year-end rates of exchange. Gains or losses resulting from translating foreign currency financial statements, net of hedge gains or losses and related tax effects, are reflected in AOCI in the balance sheet. Gains or losses resulting from remeasurement of foreign currency transactions are included in net income, and amounts recognized in the income statement are translated at the rate of exchange on the respective date of recognition for each amount.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Presentation of ACL and Provision for Credit Losses	Presentation of ACL and Provision for Credit Losses ACL Provision for AFS securities Contra investment securities Other revenue Presentation of ACL and Provision for Credit Losses ACL Provision for Held for investment loans Contra asset Provision for credit losses Other instruments measured at amortized cost (e.g ., HTM securities and customer and other receivables) Contra asset Other revenues Employee loans Contra asset Compensation and benefits expenses Held for investment lending commitments Other liabilities and accrued expenses Provision for credit losses Other off-balance sheet instruments (e.g ., certain guarantees) Other liabilities and accrued expenses Other expenses
Schedule of Estimated Useful Lives of Assets	Estimated Useful Life of Assets in years Estimated Useful Life Buildings 39 Leasehold improvements—Building term of lease to 25 Leasehold improvements—Other term of lease to 15 Furniture and fixtures 7 Computer and communications equipment 3 to 9 Power generation assets 15 to 29 Capitalized software costs 2 to 10

Cash and Cash Equivalents (Tabl

Cash and Cash Equivalents (Tables)	12 Months Ended
	Dec. 31, 2024
Cash and Cash Equivalents [Abstract]
Schedule of Cash and Cash Equivalents	$ in millions At At Cash and due from banks $ 4,436 $ 7,323 Interest bearing deposits with banks 100,950 81,909 Total Cash and cash equivalents $ 105,386 $ 89,232 Restricted cash $ 29,643 $ 30,571

Fair Values (Tables)

Fair Values (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis	Assets and Liabilities Measured at Fair Value on a Recurring Basis At December 31, 2024 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Assets at fair value Trading assets: U.S. Treasury and agency securities $ 54,436 $ 44,332 $ — $ — $ 98,768 Other sovereign government obligations 25,179 9,969 17 — 35,165 State and municipal securities — 2,993 — — 2,993 MABS — 2,231 281 — 2,512 Loans and lending commitments 2 — 7,602 1,059 — 8,661 Corporate and other debt — 30,394 1,258 — 31,652 Corporate equities 3,5 102,874 606 154 — 103,634 Derivative and other contracts: Interest rate 4,154 124,309 343 — 128,806 Credit — 8,783 367 — 9,150 Foreign exchange 65 108,037 620 — 108,722 Equity 2,704 72,532 446 — 75,682 Commodity and other 1,366 12,370 2,195 — 15,931 Netting 1 (6,471) (251,771) (645) (40,835) (299,722) Total derivative and other contracts 1,818 74,260 3,326 (40,835) 38,569 Investments 4,5 808 933 754 — 2,495 Physical commodities — 1,229 — — 1,229 Total trading assets 4 185,115 174,549 6,849 (40,835) 325,678 Investment securities —AFS 69,834 28,774 — — 98,608 Total assets at fair value $ 254,949 $ 203,323 $ 6,849 $ (40,835) $ 424,286 At December 31, 2024 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Liabilities at fair value Deposits $ — $ 6,498 $ 1 $ — $ 6,499 Trading liabilities: U.S. Treasury and agency securities 21,505 3 — — 21,508 Other sovereign government obligations 20,724 3,712 84 — 24,520 Corporate and other debt — 9,032 11 — 9,043 Corporate equities 3 60,653 95 15 — 60,763 Derivative and other contracts: Interest rate 3,615 114,179 396 — 118,190 Credit — 9,302 270 — 9,572 Foreign exchange 147 104,793 31 — 104,971 Equity 3,241 90,639 1,594 — 95,474 Commodity and other 1,461 11,215 887 — 13,563 Netting 1 (6,471) (251,771) (645) (44,953) (303,840) Total derivative and other contracts 1,993 78,357 2,533 (44,953) 37,930 Total trading liabilities 104,875 91,199 2,643 (44,953) 153,764 Securities sold under agreements to repurchase — 512 444 — 956 Other secured financings — 14,012 76 — 14,088 Borrowings — 102,385 947 — 103,332 Total liabilities at fair value $ 104,875 $ 214,606 $ 4,111 $ (44,953) $ 278,639 At December 31, 2023 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Assets at fair value Trading assets: U.S. Treasury and agency securities $ 56,459 $ 53,741 $ — $ — $ 110,200 Other sovereign government obligations 22,580 9,946 94 — 32,620 State and municipal securities — 2,148 34 — 2,182 MABS — 1,540 489 — 2,029 Loans and lending commitments 2 — 6,122 2,066 — 8,188 Corporate and other debt — 35,833 1,983 — 37,816 Corporate equities 3,5 126,772 929 199 — 127,900 Derivative and other contracts: Interest rate 7,284 140,139 784 — 148,207 Credit — 10,244 393 — 10,637 Foreign exchange 12 93,218 20 — 93,250 Equity 2,169 55,319 587 — 58,075 Commodity and other 1,608 11,862 2,811 — 16,281 Netting 1 (7,643) (237,497) (1,082) (42,915) (289,137) Total derivative and other contracts 3,430 73,285 3,513 (42,915) 37,313 Investments 4,5 781 836 949 — 2,566 Physical commodities — 736 — — 736 Total trading assets 4 210,022 185,116 9,327 (42,915) 361,550 Investment securities —AFS 57,405 30,708 — — 88,113 Securities purchased under agreements to resell — 7 — — 7 Total assets at fair value $ 267,427 $ 215,831 $ 9,327 $ (42,915) $ 449,670 At December 31, 2023 $ in millions Level 1 Level 2 Level 3 Netting 1 Total Liabilities at fair value Deposits $ — $ 6,439 $ 33 $ — $ 6,472 Trading liabilities: U.S. Treasury and agency securities 27,708 16 — — 27,724 Other sovereign government obligations 26,829 3,955 6 — 30,790 Corporate and other debt — 10,560 9 — 10,569 Corporate equities 3 46,809 300 45 — 47,154 Derivative and other contracts: Interest rate 8,000 129,983 857 — 138,840 Credit — 10,795 297 — 11,092 Foreign exchange 96 89,880 385 — 90,361 Equity 2,411 64,794 1,689 — 68,894 Commodity and other 1,642 11,904 1,521 — 15,067 Netting 1 (7,643) (237,497) (1,082) (42,757) (288,979) Total derivative and other contracts 4,506 69,859 3,667 (42,757) 35,275 Total trading liabilities 105,852 84,690 3,727 (42,757) 151,512 Securities sold under agreements to repurchase — 571 449 — 1,020 Other secured financings — 9,807 92 — 9,899 Borrowings — 92,022 1,878 — 93,900 Total liabilities at fair value $ 105,852 $ 193,529 $ 6,179 $ (42,757) $ 262,803 MABS—Mortgage- and asset-backed securities 1. For positions with the same counterparty that cross over the levels of the fair value hierarchy, both counterparty netting and cash collateral netting are included in the column titled “Netting.” Positions classified within the same level that are with the same counterparty are netted within that level. For further information on derivative instruments and hedging activities, see Note 6. 2. For a further breakdown by type, see the following Detail of Loans and Lending Commitments at Fair Value table. 3. For trading purposes, the Firm holds or sells short equity securities issued by entities in diverse industries and of varying sizes. 4. Amounts exclude certain investments that are measured based on NAV per share, which are not classified in the fair value hierarchy. For additional disclosure about such investments, see “Net Asset Value Measurements” herein. 5. At December 31, 2024 and December 31, 2023, the Firm’s Trading assets included an insignificant amount of equity securities subject to contractual sale restrictions that generally prohibit the Firm from selling the security for a period of time as of the measurement date.
Schedule of Details of Loans and Lending Commitments at Fair Value	Detail of Loans and Lending Commitments at Fair Value $ in millions At December 31, 2024 At December 31, 2023 Commercial real estate $ 498 $ 422 Residential real estate 1,922 2,909 Securities-based lending and Other loans 6,241 4,857 Total $ 8,661 $ 8,188
Schedule of Unsettled Fair Value of Futures Contracts	Unsettled Fair Value of Futures Contracts 1 $ in millions At December 31, 2024 At December 31, 2023 Customer and other receivables, net $ 1,914 $ 1,062 1. These contracts are primarily Level 1, actively traded, valued based on quoted prices from the exchange and are excluded from the previous recurring fair value tables.
Schedule of Rollforward of Level 3 Assets Measured at Fair Value on a Recurring Basis	Rollforward of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis $ in millions 2024 2023 2022 U.S. Treasury and agency securities Beginning balance $ — $ 17 $ 2 Realized and unrealized gains (losses) — — (3) Purchases — — 14 Sales — (10) (1) Net transfers — (7) 5 Ending balance $ — $ — $ 17 Unrealized gains (losses) $ — $ — $ (1) Other sovereign government obligations Beginning balance $ 94 $ 169 $ 211 Realized and unrealized gains (losses) (12) 5 (5) Purchases 4 38 116 Sales — (86) (107) Net transfers (69) (32) (46) Ending balance $ 17 $ 94 $ 169 Unrealized gains (losses) $ (9) $ 2 $ (14) State and municipal securities Beginning balance $ 34 $ 145 $ 13 Realized and unrealized gains (losses) — — (4) Purchases — 9 91 Sales (29) (6) (82) Net transfers (5) (114) 127 Ending balance $ — $ 34 $ 145 Unrealized gains (losses) $ — $ — $ — MABS Beginning balance $ 489 $ 416 $ 344 Realized and unrealized gains (losses) 9 (2) (342) Purchases 83 232 511 Sales (121) (165) (130) Net transfers (179) 8 33 Ending balance $ 281 $ 489 $ 416 Unrealized gains (losses) $ (16) $ (14) $ 2 Loans and lending commitments Beginning balance $ 2,066 $ 2,017 $ 3,806 Realized and unrealized gains (losses) (15) (189) (80) Purchases and originations 235 1,502 793 Sales (674) (477) (740) Settlements (221) (843) (1,526) Net transfers (332) 56 (236) Ending balance $ 1,059 $ 2,066 $ 2,017 Unrealized gains (losses) $ (15) $ (76) $ 29 $ in millions 2024 2023 2022 Corporate and other debt Beginning balance $ 1,983 $ 2,096 $ 1,973 Realized and unrealized gains (losses) (72) 145 456 Purchases and originations 602 623 1,165 Sales (631) (664) (1,889) Settlements (84) (33) (27) Net transfers (540) (184) 418 Ending balance $ 1,258 $ 1,983 $ 2,096 Unrealized gains (losses) $ 55 $ (10) $ 160 Corporate equities Beginning balance $ 199 $ 116 $ 115 Realized and unrealized gains (losses) (119) 12 (97) Purchases 40 85 73 Sales (16) (41) (22) Net transfers 50 27 47 Ending balance $ 154 $ 199 $ 116 Unrealized gains (losses) $ (44) $ 19 $ 11 Investments Beginning balance $ 949 $ 923 $ 1,125 Realized and unrealized gains (losses) 33 35 (409) Purchases 62 158 63 Sales (288) (183) (107) Net transfers (2) 16 251 Ending balance $ 754 $ 949 $ 923 Unrealized gains (losses) $ (32) $ 27 $ (397) Investment securities—AFS Beginning balance $ — $ 35 $ — Realized and unrealized gains (losses) — — (3) Sales — (32) — Net transfers — (3) 38 Ending balance $ — $ — $ 35 Unrealized gains (losses) $ — $ — $ (3) Net derivatives: Interest rate Beginning balance $ (73) $ (151) $ 708 Realized and unrealized gains (losses) 126 (336) (643) Purchases 59 140 1 Issuances (9) (43) — Settlements (175) 241 (92) Net transfers 19 76 (125) Ending balance $ (53) $ (73) $ (151) Unrealized gains (losses) $ (53) $ (210) $ (327) Net derivatives: Credit Beginning balance $ 96 $ 110 $ 98 Realized and unrealized gains (losses) (30) 5 84 Purchases — — 5 Issuances — — (10) Settlements 32 (21) (61) Net transfers (1) 2 (6) Ending balance $ 97 $ 96 $ 110 Unrealized gains (losses) $ (47) $ 2 $ 70 $ in millions 2024 2023 2022 Net derivatives: Foreign exchange Beginning balance $ (365) $ 66 $ 52 Realized and unrealized gains (losses) 874 (290) (8) Purchases — — 1 Issuances — (1) — Settlements (25) (15) (46) Net transfers 105 (125) 67 Ending balance $ 589 $ (365) $ 66 Unrealized gains (losses) $ 728 $ (277) $ 43 Net derivatives: Equity Beginning balance $ (1,102) $ (736) $ (945) Realized and unrealized gains (losses) 225 (91) 201 Purchases 214 221 77 Issuances (710) (572) (339) Settlements 132 87 348 Net transfers 93 (11) (78) Ending balance $ (1,148) $ (1,102) $ (736) Unrealized gains (losses) $ 308 $ (201) $ 328 Net derivatives: Commodity and other Beginning balance $ 1,290 $ 1,083 $ 1,529 Realized and unrealized gains (losses) (1,361) 910 315 Purchases 87 78 185 Issuances (153) (136) (210) Settlements 1,336 (701) (510) Net transfers 109 56 (226) Ending balance $ 1,308 $ 1,290 $ 1,083 Unrealized gains (losses) $ (142) $ 243 $ (935) Deposits Beginning balance $ 33 $ 20 $ 67 Realized and unrealized losses (gains) — 1 — Issuances — 25 11 Settlements — — (3) Net transfers (32) (13) (55) Ending balance $ 1 $ 33 $ 20 Unrealized losses (gains) $ — $ 1 $ — Nonderivative trading liabilities Beginning balance $ 60 $ 74 $ 61 Realized and unrealized losses (gains) (27) 8 (86) Purchases (27) (38) (35) Sales 101 22 93 Net transfers 3 (6) 41 Ending balance $ 110 $ 60 $ 74 Unrealized losses (gains) $ (21) $ 8 $ 17 Securities sold under agreements to repurchase Beginning balance $ 449 $ 512 $ 651 Realized and unrealized losses (gains) (5) 2 (8) Issuances — 1 17 Settlements — (9) (22) Net transfers — (57) (126) Ending balance $ 444 $ 449 $ 512 Unrealized losses (gains) $ (5) $ 2 $ — $ in millions 2024 2023 2022 Other secured financings Beginning balance $ 92 $ 91 $ 403 Realized and unrealized losses (gains) (14) 5 (6) Sales (21) — — Issuances 112 83 39 Settlements (113) (99) (342) Net transfers 20 12 (3) Ending balance $ 76 $ 92 $ 91 Unrealized losses (gains) $ (14) $ 5 $ (6) Borrowings Beginning balance $ 1,878 $ 1,587 $ 2,157 Realized and unrealized losses (gains) 4 219 (133) Issuances 288 708 513 Settlements (255) (391) (285) Net transfers (968) (245) (665) Ending balance $ 947 $ 1,878 $ 1,587 Unrealized losses (gains) $ 16 $ 182 $ (138) Portion of unrealized losses (gains) recorded in OCI—Change in net DVA 7 29 (35)
Schedule of Rollforward of Level 3 Liabilities Measured at Fair Value on a Recurring Basis	Rollforward of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis $ in millions 2024 2023 2022 U.S. Treasury and agency securities Beginning balance $ — $ 17 $ 2 Realized and unrealized gains (losses) — — (3) Purchases — — 14 Sales — (10) (1) Net transfers — (7) 5 Ending balance $ — $ — $ 17 Unrealized gains (losses) $ — $ — $ (1) Other sovereign government obligations Beginning balance $ 94 $ 169 $ 211 Realized and unrealized gains (losses) (12) 5 (5) Purchases 4 38 116 Sales — (86) (107) Net transfers (69) (32) (46) Ending balance $ 17 $ 94 $ 169 Unrealized gains (losses) $ (9) $ 2 $ (14) State and municipal securities Beginning balance $ 34 $ 145 $ 13 Realized and unrealized gains (losses) — — (4) Purchases — 9 91 Sales (29) (6) (82) Net transfers (5) (114) 127 Ending balance $ — $ 34 $ 145 Unrealized gains (losses) $ — $ — $ — MABS Beginning balance $ 489 $ 416 $ 344 Realized and unrealized gains (losses) 9 (2) (342) Purchases 83 232 511 Sales (121) (165) (130) Net transfers (179) 8 33 Ending balance $ 281 $ 489 $ 416 Unrealized gains (losses) $ (16) $ (14) $ 2 Loans and lending commitments Beginning balance $ 2,066 $ 2,017 $ 3,806 Realized and unrealized gains (losses) (15) (189) (80) Purchases and originations 235 1,502 793 Sales (674) (477) (740) Settlements (221) (843) (1,526) Net transfers (332) 56 (236) Ending balance $ 1,059 $ 2,066 $ 2,017 Unrealized gains (losses) $ (15) $ (76) $ 29 $ in millions 2024 2023 2022 Corporate and other debt Beginning balance $ 1,983 $ 2,096 $ 1,973 Realized and unrealized gains (losses) (72) 145 456 Purchases and originations 602 623 1,165 Sales (631) (664) (1,889) Settlements (84) (33) (27) Net transfers (540) (184) 418 Ending balance $ 1,258 $ 1,983 $ 2,096 Unrealized gains (losses) $ 55 $ (10) $ 160 Corporate equities Beginning balance $ 199 $ 116 $ 115 Realized and unrealized gains (losses) (119) 12 (97) Purchases 40 85 73 Sales (16) (41) (22) Net transfers 50 27 47 Ending balance $ 154 $ 199 $ 116 Unrealized gains (losses) $ (44) $ 19 $ 11 Investments Beginning balance $ 949 $ 923 $ 1,125 Realized and unrealized gains (losses) 33 35 (409) Purchases 62 158 63 Sales (288) (183) (107) Net transfers (2) 16 251 Ending balance $ 754 $ 949 $ 923 Unrealized gains (losses) $ (32) $ 27 $ (397) Investment securities—AFS Beginning balance $ — $ 35 $ — Realized and unrealized gains (losses) — — (3) Sales — (32) — Net transfers — (3) 38 Ending balance $ — $ — $ 35 Unrealized gains (losses) $ — $ — $ (3) Net derivatives: Interest rate Beginning balance $ (73) $ (151) $ 708 Realized and unrealized gains (losses) 126 (336) (643) Purchases 59 140 1 Issuances (9) (43) — Settlements (175) 241 (92) Net transfers 19 76 (125) Ending balance $ (53) $ (73) $ (151) Unrealized gains (losses) $ (53) $ (210) $ (327) Net derivatives: Credit Beginning balance $ 96 $ 110 $ 98 Realized and unrealized gains (losses) (30) 5 84 Purchases — — 5 Issuances — — (10) Settlements 32 (21) (61) Net transfers (1) 2 (6) Ending balance $ 97 $ 96 $ 110 Unrealized gains (losses) $ (47) $ 2 $ 70 $ in millions 2024 2023 2022 Net derivatives: Foreign exchange Beginning balance $ (365) $ 66 $ 52 Realized and unrealized gains (losses) 874 (290) (8) Purchases — — 1 Issuances — (1) — Settlements (25) (15) (46) Net transfers 105 (125) 67 Ending balance $ 589 $ (365) $ 66 Unrealized gains (losses) $ 728 $ (277) $ 43 Net derivatives: Equity Beginning balance $ (1,102) $ (736) $ (945) Realized and unrealized gains (losses) 225 (91) 201 Purchases 214 221 77 Issuances (710) (572) (339) Settlements 132 87 348 Net transfers 93 (11) (78) Ending balance $ (1,148) $ (1,102) $ (736) Unrealized gains (losses) $ 308 $ (201) $ 328 Net derivatives: Commodity and other Beginning balance $ 1,290 $ 1,083 $ 1,529 Realized and unrealized gains (losses) (1,361) 910 315 Purchases 87 78 185 Issuances (153) (136) (210) Settlements 1,336 (701) (510) Net transfers 109 56 (226) Ending balance $ 1,308 $ 1,290 $ 1,083 Unrealized gains (losses) $ (142) $ 243 $ (935) Deposits Beginning balance $ 33 $ 20 $ 67 Realized and unrealized losses (gains) — 1 — Issuances — 25 11 Settlements — — (3) Net transfers (32) (13) (55) Ending balance $ 1 $ 33 $ 20 Unrealized losses (gains) $ — $ 1 $ — Nonderivative trading liabilities Beginning balance $ 60 $ 74 $ 61 Realized and unrealized losses (gains) (27) 8 (86) Purchases (27) (38) (35) Sales 101 22 93 Net transfers 3 (6) 41 Ending balance $ 110 $ 60 $ 74 Unrealized losses (gains) $ (21) $ 8 $ 17 Securities sold under agreements to repurchase Beginning balance $ 449 $ 512 $ 651 Realized and unrealized losses (gains) (5) 2 (8) Issuances — 1 17 Settlements — (9) (22) Net transfers — (57) (126) Ending balance $ 444 $ 449 $ 512 Unrealized losses (gains) $ (5) $ 2 $ — $ in millions 2024 2023 2022 Other secured financings Beginning balance $ 92 $ 91 $ 403 Realized and unrealized losses (gains) (14) 5 (6) Sales (21) — — Issuances 112 83 39 Settlements (113) (99) (342) Net transfers 20 12 (3) Ending balance $ 76 $ 92 $ 91 Unrealized losses (gains) $ (14) $ 5 $ (6) Borrowings Beginning balance $ 1,878 $ 1,587 $ 2,157 Realized and unrealized losses (gains) 4 219 (133) Issuances 288 708 513 Settlements (255) (391) (285) Net transfers (968) (245) (665) Ending balance $ 947 $ 1,878 $ 1,587 Unrealized losses (gains) $ 16 $ 182 $ (138) Portion of unrealized losses (gains) recorded in OCI—Change in net DVA 7 29 (35)
Schedule of Valuation Techniques and Unobservable Inputs	Valuation Techniques and Unobservable Inputs Balance / Range (Average 1 ) $ in millions, except inputs At December 31, 2024 At December 31, 2023 Assets at Fair Value on a Recurring Basis Other sovereign government obligations $ 17 $ 94 Comparable pricing: Bond price 45 to 104 points (75 points) 61 to 110 points (87 points) MABS $ 281 $ 489 Comparable pricing: Bond price 27 to 98 points (67 points) 0 to 88 points (61 points) Balance / Range (Average 1 ) $ in millions, except inputs At December 31, 2024 At December 31, 2023 Loans and lending commitments $ 1,059 $ 2,066 Margin loan model: Margin loan rate 1% to 4% (3%) 2% to 4% (3%) Comparable pricing: Loan price 49 to 102 points (90 points) 85 to 102 points (98 points) Corporate and other debt $ 1,258 $ 1,983 Comparable pricing: Bond price 28 to 130 points (83 points) 28 to 135 points (82 points) Discounted cash flow: Loss given default 54% to 84% (62% / 54%) 54% to 84% (62% / 54%) Corporate equities $ 154 $ 199 Comparable pricing: Equity price 100% 100% Investments $ 754 $ 949 Discounted cash flow: WACC 12% to 21% (16%) 16% to 18% (17%) Exit multiple 9 to 10 times (10 times) 9 to 17 times (15 times) Market approach: EBITDA multiple 20 times 22 times Comparable pricing: Equity price 24% to 100% (84%) 24% to 100% (86%) Net derivative and other contracts: Interest rate $ (53) $ (73) Option model: IR volatility skew 72% to 97% (81% / 79%) 70% to 100% (81% / 93%) IR curve correlation 28% to 99% (83% / 86%) 49% to 99% (77% / 79%) Bond volatility 78% to 148% (92% / 92%) 79% to 85% (82% / 85%) Inflation volatility 30% to 68% (44% / 38%) 27% to 70% (43% / 39%) Credit $ 97 $ 96 Credit default swap model: Cash-synthetic basis 7 points 7 points Bond price 0 to 90 points (48 points) 0 to 92 points (46 points) Credit spread 10 to 360 bps (90 bps) 10 to 404 bps (94 bps) Funding spread 10 to 590 bps (76 bps) 18 to 590 bps (67 bps) Foreign exchange 2 $ 589 $ (365) Option model: IR curve 5% to 10% (8% / 8%) -4% to 26% (7% / 5%) Foreign exchange volatility skew N/M -3% to 12% (2% / 0%) Contingency probability 90% to 95% (91% / 95%) 95% Equity 2 $ (1,148) $ (1,102) Option model: Equity volatility 7% to 98% (20%) 6% to 97% (23%) Equity volatility skew -2% to 0% (-1%) -1% to 0% (0%) Equity correlation 20% to 94% (58%) 25% to 97% (49%) FX correlation -68% to 60% (-36%) -79% to 40% (-28%) IR correlation N/M 10% to 30% (15%) Commodity and other $ 1,308 $ 1,290 Option model: Forward power price $0 to $185 ($48) per MWh $0 to $220 ($49) per MWh Commodity volatility 0% to 165% (37%) 8% to 123% (31%) Cross-commodity correlation 54% to 100% (94%) 54% to 100% (94%) Balance / Range (Average 1 ) $ in millions, except inputs At December 31, 2024 At December 31, 2023 Liabilities at Fair Value on a Recurring Basis Securities sold under agreements to repurchase $ 444 $ 449 Discounted cash flow: Funding spread 11 to 102 bps (36 / 26 bps) 28 to 135 bps (79 bps) Other secured financings $ 76 $ 92 Comparable pricing: Loan price 0 to 100 points (33 points) 22 to 101 points (76 points) Borrowings $ 947 $ 1,878 Option model: Equity volatility 7% to 71% (21%) 6% to 69% (13%) Equity volatility skew -2% to 0% (0%) -2% to 0% (0%) Equity correlation 53% to 64% (58%) 41% to 97% (79%) Equity - FX correlation -52% to 24% (-12%) -65% to 40% (-30%) IR curve correlation N/M 50% to 89% (71% / 70%) Credit default swap model: Credit spread 247 to 433 bps (340 bps) N/M Discounted cash flow: Loss given default 54% to 84% (62% / 54%) 54% to 84% (62% / 54%) Nonrecurring Fair Value Measurement Loans $ 4,518 $ 4,532 Corporate loan model: Credit spread 109 to 1,469 bps (1,007 bps) 99 to 1,467 bps (1,015 bps) Comparable pricing: Loan price 25 to 100 points (71 points) 25 to 93 points (70 points) Warehouse model: Credit spread 207 to 280 bps (254 bps) 115 to 268 bps (185 bps) Points—Percentage of par IR—Interest rate FX—Foreign exchange 1. A single amount is disclosed for range and average when there is no significant difference between the minimum, maximum and average. Amounts represent weighted averages except where simple averages and the median of the inputs are more relevant. 2. Includes derivative contracts with multiple risks ( i.e. , hybrid products).
Schedule of Net Asset Value Measurements	Fund Interests At December 31, 2024 At December 31, 2023 $ in millions Carrying Commitment Carrying Commitment Private equity and other $ 2,653 $ 644 $ 2,685 $ 720 Real estate 3,461 214 2,765 240 Hedge 92 2 74 3 Total $ 6,206 $ 860 $ 5,524 $ 963 Nonredeemable Funds by Contractual Maturity Carrying Value at December 31, 2024 $ in millions Private Equity and Other Real Estate Less than 5 years $ 1,066 $ 2,016 5-10 years 1,432 1,334 Over 10 years 155 111 Total $ 2,653 $ 3,461
Schedule of Nonrecurring Fair Value Measurements	Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis At December 31, 2024 $ in millions Level 2 Level 3 1 Total Assets Loans $ 1,607 $ 4,518 $ 6,125 Other assets—Other investments — 58 58 Other assets—ROU assets 23 — 23 Total $ 1,630 $ 4,576 $ 6,206 Liabilities Other liabilities and accrued expenses—Lending commitments $ 48 $ 33 $ 81 Total $ 48 $ 33 $ 81 At December 31, 2023 $ in millions Level 2 Level 3 1 Total Assets Loans $ 4,215 $ 4,532 $ 8,747 Other assets—Other investments — 4 4 Other assets—ROU assets 23 — 23 Total $ 4,238 $ 4,536 $ 8,774 Liabilities Other liabilities and accrued expenses—Lending commitments $ 110 $ 60 $ 170 Total $ 110 $ 60 $ 170 1. For significant Level 3 balances, refer to “Significant Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements” section herein for details of the significant unobservable inputs used for nonrecurring fair value measurement. Gains (Losses) from Nonrecurring Fair Value Remeasurements 1 $ in millions 2024 2023 2022 Assets Loans 2 $ (64) $ (426) $ (563) Other assets—Other investments 3 (9) (15) (14) Other assets—Premises, equipment and software 4 (17) (8) (6) Other assets—ROU assets 5 (33) (35) (11) Total $ (123) $ (484) $ (594) Liabilities Other liabilities and accrued expenses—Lending commitments 2 $ 19 $ 75 $ (137) Total $ 19 $ 75 $ (137) 1. Gains and losses for Loans and Other assets—Other investments are classified in Other revenues. For other items, gains and losses are recorded in Other revenues if the item is held for sale; otherwise, they are recorded in Other expenses. 2. Nonrecurring changes in the fair value of loans and lending commitments, which exclude the impact of related economic hedges, are calculated as follows: for the held-for-investment category, based on the value of the underlying collateral; and for the held-for-sale category, based on recently executed transactions, market price quotations, valuation models that incorporate market observable inputs where possible, such as comparable loan or debt prices and CDS spread levels adjusted for any basis difference between cash and derivative instruments, or default recovery analysis where such transactions and quotations are unobservable. 3. Losses related to Other assets—Other investments were determined using techniques that included discounted cash flow models, methodologies that incorporate multiples of certain comparable companies and recently executed transactions. 4. Losses related to Other assets—Premises, equipment and software generally include impairments as well as write-offs related to the disposal of certain assets. 5.
Schedule of Financial Instruments Not Measured at Fair Value	Financial Instruments Not Measured at Fair Value At December 31, 2024 Carrying Fair Value $ in millions Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 105,386 $ 105,386 $ — $ — $ 105,386 Investment securities—HTM 61,071 15,803 34,180 1,220 51,203 Securities purchased under agreements to resell 118,565 — 117,151 1,450 118,601 Securities borrowed 123,859 — 123,859 — 123,859 Customer and other receivables 79,586 — 75,361 4,056 79,417 Loans 1 : Held for investment 225,834 — 17,859 202,297 220,156 Held for sale 12,319 — 6,324 6,115 12,439 Other assets 839 — 839 — 839 Financial liabilities Deposits $ 369,508 $ — $ 370,039 $ — $ 370,039 Securities sold under agreements to repurchase 49,111 — 49,103 — 49,103 Securities loaned 15,226 — 15,228 — 15,228 Other secured financings 7,514 — 7,511 — 7,511 Customer and other payables 175,890 — 175,890 — 175,890 Borrowings 185,487 — 188,269 93 188,362 Commitment Lending commitments 2 $ 175,774 $ — $ 1,094 $ 839 $ 1,933 At December 31, 2023 Carrying Fair Value $ in millions Level 1 Level 2 Level 3 Total Financial assets Cash and cash equivalents $ 89,232 $ 89,232 $ — $ — $ 89,232 Investment securities—HTM 66,694 21,937 34,411 1,105 57,453 Securities purchased under agreements to resell 110,733 — 108,099 2,674 110,773 Securities borrowed 121,091 — 121,091 — 121,091 Customer and other receivables 74,337 — 70,110 4,031 74,141 Loans 1 : Held for investment 203,385 — 20,125 176,291 196,416 Held for sale 15,255 — 8,652 6,672 15,324 Other assets 704 — 704 — 704 Financial liabilities Deposits $ 345,332 $ — $ 345,391 $ — $ 345,391 Securities sold under agreements to repurchase 61,631 — 61,621 — 61,621 Securities loaned 15,057 — 15,055 — 15,055 Other secured financings 2,756 — 2,756 — 2,756 Customer and other payables 208,015 — 208,015 — 208,015 Borrowings 169,832 — 171,009 4 171,013 Commitment Lending commitments 2 $ 149,464 $ — $ 1,338 $ 749 $ 2,087 1. Amounts include loans measured at fair value on a nonrecurring basis. 2. Represents Lending commitments accounted for as Held for Investment and Held for Sale. For a further discussion on lending commitments, see Note 14.

Fair Value Option (Tables)

Fair Value Option (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value Option	$ in millions At December 31, 2024 At December 31, 2023 Business Unit Responsible for Risk Management Equity $ 49,144 $ 46,073 Interest rates 34,451 31,055 Commodities 14,829 12,798 Credit 3,306 2,400 Foreign exchange 1,602 1,574 Total $ 103,332 $ 93,900 $ in millions Trading Revenues Interest Expense Net Revenues 1 2024 Borrowings $ (1,118) $ 650 $ (1,767) Deposits (134) 242 (376) 2023 Borrowings (7,991) 503 (8,494) 2022 Borrowings 12,370 293 12,077 1. Amounts do not reflect any gains or losses from related economic hedges. $ in millions Trading OCI 2024 Loans and other receivables 1 $ (53) $ — Lending commitments (3) — Deposits — (39) Borrowings (27) (663) 2023 Loans and other receivables 1 $ (123) $ — Lending commitments 14 — Deposits — 17 Borrowings (19) (1,726) 2022 Loans and other receivables 1 $ (108) $ — Lending commitments (12) — Deposits — (24) Borrowings — 2,006 $ in millions At December 31, 2024 At December 31, 2023 Cumulative pre-tax DVA gain (loss) recognized in AOCI $ (2,868) $ (2,166) 1. $ in millions At December 31, 2024 At December 31, 2023 Loans and other receivables 2 $ 10,207 $ 11,086 Nonaccrual loans 2 7,719 8,566 Borrowings 3 3,249 3,030 1. Amounts indicate contractual principal greater than or (less than) fair value. 2. The majority of the difference between principal and fair value amounts for loans and other receivables relates to distressed debt positions purchased at amounts well below par. 3. $ in millions At December 31, 2024 At December 31, 2023 Nonaccrual loans $ 647 $ 440 Nonaccrual loans 90 or more days past due $ 155 $ 75

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Values of Derivative Asset Contracts	Fair Values of Derivative Contracts Assets at December 31, 2024 $ in millions Bilateral Cleared Exchange- Total Designated as accounting hedges Interest rate $ 4 $ — $ — $ 4 Foreign exchange 185 122 — 307 Total 189 122 — 311 Not designated as accounting hedges Economic hedges of loans Credit — 28 — 28 Other derivatives Interest rate 115,520 13,163 119 128,802 Credit 4,711 4,411 — 9,122 Foreign exchange 104,024 4,301 90 108,415 Equity 24,368 — 51,314 75,682 Commodity and other 14,071 — 1,860 15,931 Total 262,694 21,903 53,383 337,980 Total gross derivatives $ 262,883 $ 22,025 $ 53,383 $ 338,291 Amounts offset Counterparty netting (188,069) (20,276) (51,168) (259,513) Cash collateral netting (38,511) (1,698) — (40,209) Total in Trading assets $ 36,303 $ 51 $ 2,215 $ 38,569 Amounts not offset 1 Financial instruments collateral (17,837) — — (17,837) Net amounts $ 18,466 $ 51 $ 2,215 $ 20,732 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable $ 3,354 Assets at December 31, 2023 $ in millions Bilateral Cleared Exchange- Total Designated as accounting hedges Interest rate $ 25 $ — $ — $ 25 Foreign exchange 5 5 — 10 Total 30 5 — 35 Not designated as accounting hedges Economic hedges of loans Credit 2 27 — 29 Other derivatives Interest rate 127,414 19,914 854 148,182 Credit 5,712 4,896 — 10,608 Foreign exchange 90,654 2,570 16 93,240 Equity 20,338 — 37,737 58,075 Commodity and other 13,928 — 2,353 16,281 Total 258,048 27,407 40,960 326,415 Total gross derivatives $ 258,078 $ 27,412 $ 40,960 $ 326,450 Amounts offset Counterparty netting (184,553) (23,851) (38,510) (246,914) Cash collateral netting (39,493) (2,730) — (42,223) Total in Trading assets $ 34,032 $ 831 $ 2,450 $ 37,313 Amounts not offset 1 Financial instruments collateral (15,690) — — (15,690) Net amounts $ 18,342 $ 831 $ 2,450 $ 21,623 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable $ 2,641 1. Amounts relate to master netting agreements and collateral agreements that have been determined by the Firm to be legally enforceable in the event of default but where certain other netting criteria are not met in accordance with applicable offsetting accounting guidance.
Schedule of Fair Values of Derivative Liability Contracts	Liabilities at December 31, 2024 $ in millions Bilateral Cleared Exchange- Total Designated as accounting hedges Interest rate $ 533 $ — $ — $ 533 Foreign exchange 3 — — 3 Total 536 — — 536 Not designated as accounting hedges Economic hedges of loans Credit 53 718 — 771 Other derivatives Interest rate 104,495 13,038 124 117,657 Credit 4,941 3,860 — 8,801 Foreign exchange 100,730 4,085 153 104,968 Equity 42,332 — 53,142 95,474 Commodity and other 11,584 — 1,979 13,563 Total 264,135 21,701 55,398 341,234 Total gross derivatives $ 264,671 $ 21,701 $ 55,398 $ 341,770 Amounts offset Counterparty netting (188,070) (20,276) (51,168) (259,514) Cash collateral netting (43,126) (1,200) — (44,326) Total in Trading liabilities $ 33,475 $ 225 $ 4,230 $ 37,930 Amounts not offset 1 Financial instruments collateral (6,338) — (2,658) (8,996) Net amounts $ 27,137 $ 225 $ 1,572 $ 28,934 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable $ 4,321 Liabilities at December 31, 2023 $ in millions Bilateral Cleared Exchange- Total Designated as accounting hedges Interest rate $ 467 $ — $ — $ 467 Foreign exchange 414 43 — 457 Total 881 43 — 924 Not designated as accounting hedges Economic hedges of loans Credit 43 702 — 745 Other derivatives Interest rate 120,604 17,179 590 138,373 Credit 5,920 4,427 — 10,347 Foreign exchange 87,104 2,694 106 89,904 Equity 31,545 — 37,349 68,894 Commodity and other 12,237 — 2,830 15,067 Total 257,453 25,002 40,875 323,330 Total gross derivatives $ 258,334 $ 25,045 $ 40,875 $ 324,254 Amounts offset Counterparty netting (184,553) (23,851) (38,510) (246,914) Cash collateral netting (41,082) (983) — (42,065) Total in Trading liabilities $ 32,699 $ 211 $ 2,365 $ 35,275 Amounts not offset 1 Financial instruments collateral (6,864) (8) (37) (6,909) Net amounts $ 25,835 $ 203 $ 2,328 $ 28,366 Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable $ 5,911 1. Amounts relate to master netting agreements and collateral agreements that have been determined by the Firm to be legally enforceable in the event of default but where certain other netting criteria are not met in accordance with applicable offsetting accounting guidance.
Schedule of Notionals of Derivative Contracts	Notionals of Derivative Contracts Assets at December 31, 2024 $ in billions Bilateral Cleared Exchange- Total Designated as accounting hedges Interest rate $ — $ 108 $ — $ 108 Foreign exchange 14 4 — 18 Total 14 112 — 126 Not designated as accounting hedges Economic hedges of loans Credit — — — — Other derivatives Interest rate 3,713 4,367 442 8,522 Credit 208 149 — 357 Foreign exchange 2,717 171 9 2,897 Equity 591 — 609 1,200 Commodity and other 137 — 77 214 Total 7,366 4,687 1,137 13,190 Total gross derivatives $ 7,380 $ 4,799 $ 1,137 $ 13,316 Liabilities at December 31, 2024 $ in billions Bilateral Cleared Exchange- Total Designated as accounting hedges Interest rate $ 2 $ 193 $ — $ 195 Foreign exchange 1 — — 1 Total 3 193 — 196 Not designated as accounting hedges Economic hedges of loans Credit 2 20 — 22 Other derivatives Interest rate 3,626 4,468 417 8,511 Credit 230 133 — 363 Foreign exchange 2,763 178 18 2,959 Equity 754 — 826 1,580 Commodity and other 100 — 89 189 Total 7,475 4,799 1,350 13,624 Total gross derivatives $ 7,478 $ 4,992 $ 1,350 $ 13,820 Assets at December 31, 2023 $ in billions Bilateral Cleared Exchange- Total Designated as accounting hedges Interest rate $ — $ 92 $ — $ 92 Foreign exchange 1 1 — 2 Total 1 93 — 94 Not designated as accounting hedges Economic hedges of loans Credit — 1 — 1 Other derivatives Interest rate 4,153 8,357 560 13,070 Credit 214 176 — 390 Foreign exchange 3,378 165 7 3,550 Equity 528 — 440 968 Commodity and other 142 — 65 207 Total 8,415 8,699 1,072 18,186 Total gross derivatives $ 8,416 $ 8,792 $ 1,072 $ 18,280 Liabilities at December 31, 2023 $ in billions Bilateral Cleared Exchange- Total Designated as accounting hedges Interest rate $ 3 $ 183 $ — $ 186 Foreign exchange 14 3 — 17 Total 17 186 — 203 Not designated as accounting hedges Economic hedges of loans Credit 2 22 — 24 Other derivatives Interest rate 4,631 8,197 455 13,283 Credit 229 155 — 384 Foreign exchange 3,496 167 33 3,696 Equity 587 — 712 1,299 Commodity and other 101 — 79 180 Total 9,046 8,541 1,279 18,866 Total gross derivatives $ 9,063 $ 8,727 $ 1,279 $ 19,069
Schedule of Gains (Losses) on Accounting Hedges	Gains (Losses) on Accounting Hedges $ in millions 2024 2023 2022 Fair value hedges—Recognized in Interest income Interest rate contracts $ 291 $ (576) $ 1,928 Investment Securities—AFS (204) 638 (1,838) Fair value hedges—Recognized in Interest expense Interest rate contracts $ (822) $ 3,664 $ (15,159) Deposits (75) (88) 124 Borrowings 889 (3,564) 15,042 Net investment hedges—Foreign exchange contracts Recognized in OCI $ 1,084 $ (168) $ 657 Forward points excluded from hedge effectiveness testing—Recognized in Interest income 214 211 (33) Cash flow hedges—Interest rate contracts 1 Recognized in OCI $ (100) $ 9 $ (4) Less: Realized gains (losses) (pre-tax) reclassified from AOCI to interest income (32) (16) — Net change in cash flow hedges included within AOCI (68) 25 (4) 1. For the year ended 2024, there were no forecasted transactions that failed to occur. The net gains (losses) associated with cash flow hedges expected to be reclassified from AOCI within 12 months as of December 31, 2024 is approximately $31 million. The maximum length of time over which forecasted cash flows are hedged is 28 months.
Schedule of Fair Value Hedges - Hedged Items	Fair Value Hedges—Hedged Items $ in millions At December 31, 2024 At December 31, 2023 Investment securities—AFS Amortized cost basis currently or previously hedged 1 $ 54,809 $ 47,179 Basis adjustments included in amortized cost 2 $ (741) $ (732) Deposits Carrying amount currently or previously hedged $ 21,524 $ 10,569 Basis adjustments included in carrying amount 2 $ 44 $ (31) Borrowings Carrying amount currently or previously hedged $ 171,834 $ 158,659 Basis adjustments included in carrying amount—Outstanding hedges $ (10,072) $ (9,219) Basis adjustments included in amortized cost—Terminated hedges $ (648) $ (671) 1. Carrying amount represents the amortized cost, net of allowance if applicable. At December 31, 2024, the amortized cost of the portfolio layer method closed portfolios was $325 million, of which $178 million was designated as hedged. The cumulative amount of basis adjustments was $(2) million as of December 31, 2024. Refer to Note 2 and Note 7 for additional information. 2. Hedge accounting basis adjustments are primarily related to outstanding hedges.
Schedule of Economic Loan Hedges	Gains (Losses) on Economic Hedges of Loans $ in millions 2024 2023 2022 Recognized in Other revenues Credit contracts 1 (294) (522) (62) 1.
Schedule of Net Derivative Liabilities and Collateral Posted	Net Derivative Liabilities and Collateral Posted $ in millions At December 31, 2024 At December 31, 2023 Net derivative liabilities with credit risk-related contingent features $ 22,414 $ 21,957 Collateral posted 16,252 16,389
Schedule of Incremental Collateral and Termination Payments upon Potential Future Ratings Downgrade	Incremental Collateral and Termination Payments upon Potential Future Ratings Downgrade $ in millions At December 31, 2024 One-notch downgrade $ 235 Two-notch downgrade 411 Bilateral downgrade agreements included in the amounts above 1 $ 524 1. Amount represents arrangements between the Firm and other parties where upon the downgrade of one party, the downgraded party must deliver collateral to the other party. These bilateral downgrade arrangements are used by the Firm to manage the risk of counterparty downgrades.
Schedule of Maximum Potential Payout/Notional of Credit Protection Sold	Maximum Potential Payout/Notional of Credit Protection Sold 1 Years to Maturity at December 31, 2024 $ in billions < 1 1-3 3-5 Over 5 Total Single-name CDS Investment grade $ 15 $ 31 $ 37 $ 10 $ 93 Non-investment grade 7 16 16 1 40 Total $ 22 $ 47 $ 53 $ 11 $ 133 Index and basket CDS Investment grade $ 3 $ 12 $ 10 $ — $ 25 Non-investment grade 11 22 158 16 207 Total $ 14 $ 34 $ 168 $ 16 $ 232 Total CDS sold $ 36 $ 81 $ 221 $ 27 $ 365 Other credit contracts — — — 3 3 Total credit protection sold $ 36 $ 81 $ 221 $ 30 $ 368 CDS protection sold with identical protection purchased $ 303 Years to Maturity at December 31, 2023 $ in billions < 1 1-3 3-5 Over 5 Total Single-name CDS Investment grade $ 19 $ 29 $ 39 $ 10 $ 97 Non-investment grade 7 14 17 1 39 Total $ 26 $ 43 $ 56 $ 11 $ 136 Index and basket CDS Investment grade $ 8 $ 19 $ 85 $ 4 $ 116 Non-investment grade 8 14 95 17 134 Total $ 16 $ 33 $ 180 $ 21 $ 250 Total CDS sold $ 42 $ 76 $ 236 $ 32 $ 386 Other credit contracts — — — 3 3 Total credit protection sold $ 42 $ 76 $ 236 $ 35 $ 389 CDS protection sold with identical protection purchased $ 330
Schedule of Fair Value Asset (Liability) of Credit Protection Sold	Fair Value Asset (Liability) of Credit Protection Sold 1 $ in millions At December 31, 2024 At December 31, 2023 Single-name CDS Investment grade $ 1,890 $ 1,904 Non-investment grade 585 399 Total $ 2,475 $ 2,303 Index and basket CDS Investment grade $ 799 $ 1,929 Non-investment grade 489 45 Total $ 1,288 $ 1,974 Total CDS sold $ 3,763 $ 4,277 Other credit contracts 133 314 Total credit protection sold $ 3,896 $ 4,591 1. Investment grade/non-investment grade determination is based on the internal credit rating of the reference obligation. Internal credit ratings serve as the CRM’s assessment of credit risk and the basis for a comprehensive credit limits framework used to control credit risk. The Firm uses quantitative models and judgment to estimate the various risk parameters related to each obligor.
Schedule of Protection Purchased with CDS	Protection Purchased with CDS Notional $ in billions At At Single name $ 156 $ 166 Index and basket 193 213 Tranched index and basket 28 30 Total $ 377 $ 409 Fair Value Asset (Liability) $ in millions At At Single name $ (2,693) $ (2,799) Index and basket (654) (1,208) Tranched index and basket (962) (1,012) Total $ (4,309) $ (5,019)

Investment Securities (Tables)

Investment Securities (Tables)	12 Months Ended
	Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of AFS and HTM Securities	AFS and HTM Securities At December 31, 2024 $ in millions Amortized Cost 1 Gross Gross Fair AFS securities U.S. Treasury securities $ 70,160 $ 62 $ 388 69,834 U.S. agency securities 2 24,113 6 2,652 21,467 Agency CMBS 5,704 — 388 5,316 State and municipal securities 1,373 18 4 1,387 FFELP student loan ABS 3 612 1 9 604 Unallocated basis adjustment 4 (2) 2 — — Total AFS securities 101,960 89 3,441 98,608 HTM securities U.S. Treasury securities 16,885 — 1,082 15,803 U.S. agency securities 2 41,582 4 8,592 32,994 Agency CMBS 1,154 — 88 1,066 Non-agency CMBS 1,450 3 113 1,340 Total HTM securities 61,071 7 9,875 51,203 Total investment securities $ 163,031 $ 96 $ 13,316 $ 149,811 At December 31, 2023 $ in millions Amortized Cost 1 Gross Gross Fair AFS securities U.S. Treasury securities $ 58,484 $ 24 $ 1,103 $ 57,405 U.S. agency securities 2 25,852 4 2,528 23,328 Agency CMBS 5,871 — 456 5,415 State and municipal securities 1,132 46 5 1,173 FFELP student loan ABS 3 810 — 18 792 Total AFS securities 92,149 74 4,110 88,113 HTM securities U.S. Treasury securities 23,222 — 1,285 21,937 U.S. agency securities 2 40,894 — 7,699 33,195 Agency CMBS 1,337 — 121 1,216 Non-agency CMBS 1,241 2 138 1,105 Total HTM securities 66,694 2 9,243 57,453 Total investment securities $ 158,843 $ 76 $ 13,353 $ 145,566 1. Amounts are net of any ACL. 2. U.S. agency securities consist mainly of agency mortgage pass-through pool securities, CMOs and agency-issued debt. 3. Underlying loans are backed by a guarantee, ultimately from the U.S. Department of Education, of at least 95% of the principal balance and interest outstanding. 4. Represents the amount of unallocated portfolio layer method basis adjustments related to AFS securities hedged in a closed portfolio. Portfolio layer method basis adjustments are not allocated to individual securities. Refer to Note 2 and Note 6 for additional information.
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value	Investment Securities in an Unrealized Loss Position At December 31, At December 31, $ in millions Fair Value Gross Fair Value Gross U.S. Treasury securities Less than12 months $ 18,338 $ 65 $ 14,295 $ 22 12 months or longer 19,629 323 33,458 1,081 Total 37,967 388 47,753 1,103 U.S. agency securities Less than12 months 765 11 4,297 43 12 months or longer 18,996 2,641 18,459 2,485 Total 19,761 2,652 22,756 2,528 Agency CMBS 12 months or longer 5,018 388 5,415 456 Total 5,018 388 5,415 456 State and municipal securities Less than12 months 242 2 524 3 12 months or longer 62 2 35 2 Total 304 4 559 5 FFELP student loan ABS Less than12 months — — 56 1 12 months or longer 442 9 616 17 Total 442 9 672 18 Total AFS securities in an unrealized loss position Less than12 months 19,345 78 19,172 69 12 months or longer 44,147 3,363 57,983 4,041 Total $ 63,492 $ 3,441 $ 77,155 $ 4,110
Schedule of Investment Securities by Contractual Maturity	Investment Securities by Contractual Maturity At December 31, 2024 $ in millions Amortized Cost 1 Fair Annualized Average Yield 2,3 AFS securities U.S. Treasury securities: Due within 1 year $ 18,575 $ 18,393 2.2 % After 1 year through 5 years 46,529 46,395 3.7 % After 5 years through 10 years 5,056 5,046 4.2 % Total 70,160 69,834 U.S. agency securities: Due within 1 year 11 11 1.0 % After 1 year through 5 years 254 241 1.6 % After 5 years through 10 years 414 380 1.8 % After 10 years 23,434 20,835 3.4 % Total 24,113 21,467 Agency CMBS: After 1 year through 5 years 4,054 3,899 2.0 % After 5 years through 10 years 547 535 1.6 % After 10 years 1,103 882 1.5 % Total 5,704 5,316 State and municipal securities: Due within 1 year 852 852 4.9 % After 1 year through 5 years 215 214 4.7 % After 5 years through 10 years 49 48 5.8 % After 10 years 257 273 4.6 % Total 1,373 1,387 FFELP student loan ABS: Due within 1 year 12 11 5.3 % After 1 year through 5 years 113 110 5.6 % After 5 years through 10 years 24 23 5.4 % After 10 years 463 460 5.8 % Total 612 604 Unallocated basis adjustment 4: (2) — — Total AFS securities 101,960 98,608 3.3 % At December 31, 2024 $ in millions Amortized Cost 1 Fair Annualized Average Yield 2 HTM securities U.S. Treasury securities: Due within 1 year $ 4,635 $ 4,558 1.2 % After 1 year through 5 years 10,191 9,777 2.3 % After 5 years through 10 years 503 414 1.1 % After 10 years 1,556 1,054 2.3 % Total 16,885 15,803 U.S. agency securities: After 1 year through 5 years 8 8 1.8 % After 5 years through 10 years 223 208 2.1 % After 10 years 41,351 32,778 2.1 % Total 41,582 32,994 Agency CMBS: Due within 1 year 294 289 1.5 % After 1 year through 5 years 632 591 1.2 % After 5 years through 10 years 176 144 1.6 % After 10 years 52 42 1.3 % Total 1,154 1,066 Non-agency CMBS: Due within 1 year 146 124 3.9 % After 1 year through 5 years 648 618 4.5 % After 5 years through 10 years 455 403 4.0 % After 10 years 201 195 7.4 % Total 1,450 1,340 Total HTM securities 61,071 51,203 2.1 % Total investment securities $ 163,031 $ 149,811 2.9 % 1. Amounts are net of any ACL. 2. Annualized average yield is computed using the effective yield, weighted based on the amortized cost of each security. The effective yield is shown pre-tax and excludes the effect of related hedging derivatives. 3. At December 31, 2024, the annualized average yield, including the interest rate swap accrual of related hedges, was 2.7% for AFS securities contractually maturing within 1 year and 3.8% for all AFS securities. 4. Represents the amount of unallocated portfolio layer method basis adjustments related to AFS securities hedged in a closed portfolio. Portfolio layer method basis adjustments are not allocated to individual securities. Refer to Note 2 and Note 6 for additional information.
Schedule of Gross Realized Gains and Losses on Sales of AFS Securities	Gross Realized Gains (Losses) on Sales of AFS Securities $ in millions 2024 2023 2022 Gross realized gains $ 52 $ 70 $ 164 Gross realized (losses) — (21) (94) Total 1 $ 52 $ 49 $ 70 1. Realized gains and losses are recognized in Other revenues in the income statement.

Collateralized Transactions (Ta

Collateralized Transactions (Tables)	12 Months Ended
	Dec. 31, 2024
Collateralized Agreements [Abstract]
Schedule of Offsetting of Certain Collateralized Transactions	Offsetting of Certain Collateralized Transactions At December 31, 2024 $ in millions Gross Amounts Balance Sheet Net Amounts Amounts Not Offset 1 Net Assets Securities purchased under agreements to resell $ 409,635 $ (291,070) $ 118,565 $ (116,157) $ 2,408 Securities borrowed 165,642 (41,783) 123,859 (117,573) 6,286 Liabilities Securities sold under agreements to repurchase $ 341,137 $ (291,070) $ 50,067 $ (45,520) $ 4,547 Securities loaned 57,009 (41,783) 15,226 (15,211) 15 Net amounts for which master netting agreements are not in place or may not be legally enforceable Securities purchased under agreements to resell $ 2,054 Securities borrowed 2,079 Securities sold under agreements to repurchase 3,448 Securities loaned — At December 31, 2023 $ in millions Gross Amounts Balance Sheet Net Amounts Amounts Not Offset 1 Net Assets Securities purchased under agreements to resell $ 300,242 $ (189,502) $ 110,740 $ (108,893) $ 1,847 Securities borrowed 142,453 (21,362) 121,091 (115,969) 5,122 Liabilities Securities sold under agreements to repurchase $ 252,153 $ (189,502) $ 62,651 $ (58,357) $ 4,294 Securities loaned 36,419 (21,362) 15,057 (15,046) 11 Net amounts for which master netting agreements are not in place or may not be legally enforceable Securities purchased under agreements to resell $ 1,741 Securities borrowed 607 Securities sold under agreements to repurchase 3,014 Securities loaned 2 1. Amounts relate to master netting agreements that have been determined by the Firm to be legally enforceable in the event of default but where certain other criteria are not met in accordance with applicable offsetting accounting guidance.
Schedule of Gross Secured Financing Balances	Gross Secured Financing Balances by Remaining Contractual Maturity At December 31, 2024 $ in millions Overnight and Open Less than 30 Days 30-90 Days Over 90 Days Total Securities sold under agreements to repurchase $ 180,793 $ 104,551 $ 25,071 $ 30,722 $ 341,137 Securities loaned 42,473 — 317 14,219 57,009 Total included in the offsetting disclosure $ 223,266 $ 104,551 $ 25,388 $ 44,941 $ 398,146 Trading liabilities—Obligation to return securities received as collateral 18,067 — — — 18,067 Total $ 241,333 $ 104,551 $ 25,388 $ 44,941 $ 416,213 At December 31, 2023 $ in millions Overnight and Open Less than 30 Days 30-90 Days Over 90 Days Total Securities sold under agreements to repurchase $ 80,376 $ 114,826 $ 25,510 $ 31,441 $ 252,153 Securities loaned 21,508 1,345 709 12,857 36,419 Total included in the offsetting disclosure $ 101,884 $ 116,171 $ 26,219 $ 44,298 $ 288,572 Trading liabilities—Obligation to return securities received as collateral 13,528 — — — 13,528 Total $ 115,412 $ 116,171 $ 26,219 $ 44,298 $ 302,100 Gross Secured Financing Balances by Class of Collateral Pledged $ in millions At December 31, 2024 At December 31, 2023 Securities sold under agreements to repurchase U.S. Treasury and agency securities $ 177,464 $ 98,377 Other sovereign government obligations 135,806 122,342 Corporate equities 14,993 18,144 Other 12,874 13,290 Total $ 341,137 $ 252,153 Securities loaned Other sovereign government obligations $ 1,805 $ 1,379 Corporate equities 54,144 34,434 Other 1,060 606 Total $ 57,009 $ 36,419 Total included in the offsetting disclosure $ 398,146 $ 288,572 Trading liabilities—Obligation to return securities received as collateral Corporate equities $ 18,059 $ 13,502 Other 8 26 Total $ 18,067 $ 13,528 Total $ 416,213 $ 302,100
Schedule of Carrying Value of Assets Loaned or Pledged Without Counterparty Right to Sell or Repledge	Carrying Value of Assets Loaned or Pledged $ in millions At December 31, 2024 At December 31, 2023 Trading assets $ 30,867 $ 37,522
Schedule of Fair Value of Collateral Received with Right to Sell or Repledge	Fair Value of Collateral Received with Right to Sell or Repledge $ in millions At December 31, 2024 At December 31, 2023 Collateral received with right to sell or repledge $ 932,626 $ 735,830 Collateral that was sold or repledged 1 724,177 553,386 1. Does not include securities used to meet federal regulations for the Firm’s U.S. broker-dealers.
Schedule of Restricted Cash and Segregated Securities	Securities Segregated for Regulatory Purposes $ in millions At December 31, 2024 At December 31, 2023 Segregated securities 1 $ 26,329 $ 20,670 1. Securities segregated under federal regulations for the Firm’s U.S. broker-dealers are sourced from Securities purchased under agreements to resell and Trading assets in the balance sheet.
Schedule of Concentration Based on the Firm's Total Assets	Concentration Based on the Firm’s Total Assets At December 31, 2024 At December 31, 2023 U.S. government and agency securities and other sovereign government obligations Trading assets 1 11 % 12 % Off balance sheet—Collateral received 2 12 % 11 % 1. Other sovereign government obligations included in Trading assets primarily consist of obligations of the U.K., Japan and Brazil. 2. Collateral received is primarily related to Securities purchased under agreements to resell and Securities borrowed.
Schedule of Customer Margin and Other Lending	Customer Margin and Other Lending $ in millions At December 31, 2024 At December 31, 2023 Margin and other lending $ 55,882 $ 45,644

Loans, Lending Commitments an_2

Loans, Lending Commitments and Related Allowance for Credit Losses (Tables)	12 Months Ended
	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Schedule of Loans by Type	Loans by Type At December 31, 2024 $ in millions HFI Loans HFS Loans Total Loans Corporate $ 6,889 $ 9,183 $ 16,072 Secured lending facilities 48,842 2,507 51,349 Commercial real estate 8,412 628 9,040 Residential real estate 66,738 — 66,738 Securities-based lending and Other 96,019 1 96,020 Total loans 226,900 12,319 239,219 ACL (1,066) (1,066) Total loans, net $ 225,834 $ 12,319 $ 238,153 Loans to non-U.S. borrowers, net $ 23,335 $ 4,763 $ 28,098 At December 31, 2023 $ in millions HFI Loans HFS Loans Total Loans Corporate $ 6,758 $ 11,862 $ 18,620 Secured lending facilities 39,498 3,161 42,659 Commercial real estate 8,678 209 8,887 Residential real estate 60,375 22 60,397 Securities-based lending and Other 89,245 1 89,246 Total loans 204,554 15,255 219,809 ACL (1,169) (1,169) Total loans, net $ 203,385 $ 15,255 $ 218,640 Loans to non-U.S. borrowers, net $ 21,152 $ 5,043 $ 26,195
Loans by Interest Rate Type	Loans by Interest Rate Type At December 31, 2024 At December 31, 2023 $ in millions Fixed Rate Floating or Adjustable Rate Fixed Rate Floating or Adjustable Rate Corporate $ — $ 16,071 $ — $ 18,620 Secured lending facilities — 51,349 — 42,659 Commercial real estate — 9,041 141 8,746 Residential real estate 31,014 35,724 28,934 31,464 Securities-based lending and Other 25,478 70,542 23,922 65,323 Total loans, before ACL $ 56,492 $ 182,727 $ 52,997 $ 166,812
Schedule of Loans Held for Investment	Loans Held for Investment before Allowance by Credit Quality and Origination Year At December 31, 2024 At December 31, 2023 Corporate $ in millions IG NIG Total IG NIG Total Revolving $ 2,668 $ 3,963 $ 6,631 $ 2,350 $ 3,863 $ 6,213 2024 76 58 134 2023 — 50 50 — 88 88 2022 — 25 25 — 166 166 2021 15 — 15 15 89 104 2020 31 3 34 29 25 54 Prior — — — — 133 133 Total $ 2,790 $ 4,099 $ 6,889 $ 2,394 $ 4,364 $ 6,758 At December 31, 2024 At December 31, 2023 Secured Lending Facilities $ in millions IG NIG Total IG NIG Total Revolving $ 11,405 $ 27,753 $ 39,158 $ 9,494 $ 22,240 $ 31,734 2024 818 2,863 3,681 2023 1,371 1,359 2,730 1,535 1,459 2,994 2022 279 1,909 2,188 392 2,390 2,782 2021 — 198 198 — 365 365 2020 — — — — 80 80 Prior 100 787 887 356 1,187 1,543 Total $ 13,973 $ 34,869 $ 48,842 $ 11,777 $ 27,721 $ 39,498 At December 31, 2024 At December 31, 2023 Commercial Real Estate $ in millions IG NIG Total IG NIG Total Revolving $ — $ 161 $ 161 $ — $ 170 $ 170 2024 147 2,202 2,349 2023 351 772 1,123 261 1,067 1,328 2022 305 1,488 1,793 284 1,900 2,184 2021 166 1,603 1,769 370 1,494 1,864 2020 — 430 430 — 756 756 Prior — 787 787 195 2,181 2,376 Total $ 969 $ 7,443 $ 8,412 $ 1,110 $ 7,568 $ 8,678 At December 31, 2024 Residential Real Estate by FICO Scores by LTV Ratio Total $ in millions ≥ 740 680-739 ≤ 679 ≤ 80% > 80% Revolving $ 136 $ 39 $ 5 $ 180 $ — $ 180 2024 8,653 1,607 191 9,458 993 10,451 2023 6,778 1,431 201 7,529 881 8,410 2022 10,294 2,298 370 11,941 1,021 12,962 2021 10,510 2,247 228 12,094 891 12,985 2020 6,494 1,346 97 7,529 408 7,937 Prior 10,594 2,825 394 12,826 987 13,813 Total $ 53,459 $ 11,793 $ 1,486 $ 61,557 $ 5,181 $ 66,738 At December 31, 2023 Residential Real Estate by FICO Scores by LTV Ratio Total $ in millions ≥ 740 680-739 ≤ 679 ≤ 80% > 80% Revolving $ 108 $ 33 $ 8 $ 149 $ — $ 149 2023 7,390 1,517 230 8,168 969 9,137 2022 10,927 2,424 389 12,650 1,090 13,740 2021 11,075 2,376 239 12,763 927 13,690 2020 6,916 1,430 104 8,017 433 8,450 Prior 11,642 3,131 436 14,106 1,103 15,209 Total $ 48,058 $ 10,911 $ 1,406 $ 55,853 $ 4,522 $ 60,375 At December 31, 2024 Securities-based lending 1 Other 2 $ in millions IG NIG Total Revolving $ 76,432 $ 6,342 $ 1,551 $ 84,325 2024 1,291 719 453 2,463 2023 949 424 685 2,058 2022 449 472 1,053 1,974 2021 100 14 538 652 2020 39 219 497 755 Prior 231 1,211 2,350 3,792 Total $ 79,491 $ 9,401 $ 7,127 $ 96,019 At December 31, 2023 Securities-based lending 1 Other 2 $ in millions IG NIG Total Revolving $ 71,474 $ 5,230 $ 1,362 $ 78,066 2023 1,612 627 346 2,585 2022 1,128 816 804 2,748 2021 165 330 377 872 2020 — 435 414 849 Prior 215 2,096 1,814 4,125 Total $ 74,594 $ 9,534 $ 5,117 $ 89,245 IG—Investment Grade NIG—Non-investment Grade 1. Securities-based loans are subject to collateral maintenance provisions, and at December 31, 2024 and December 31, 2023, these loans are predominantly over-collateralized. For more information on the ACL methodology related to securities-based loans, see Note 2. 2. Other loans primarily include tailored lending. For a further discussion of Other loans, see “Quantitative and Qualitative Disclosures about Risk—Credit Risk” herein. Past Due Loans Held for Investment before Allowance 1 $ in millions At December 31, 2024 At December 31, 2023 Corporate $ — $ 47 Commercial real estate 272 185 Residential real estate 186 160 Securities-based lending and Other 86 1 Total $ 544 $ 393 1. As of December 31, 2024, the majority of the amounts are 90 days or more past due. As of December 31, 2023, the majority of the amounts are past due for a period of less than 90 days. Nonaccrual Loans Held for Investment before Allowance 1 $ in millions At December 31, 2024 At December 31, 2023 Corporate $ 108 $ 95 Secured lending facilities 6 87 Commercial real estate 447 426 Residential real estate 160 95 Securities-based lending and Other 298 174 Total $ 1,019 $ 877 Nonaccrual loans without an ACL $ 162 $ 86 1. There were no loans held for investment that were 90 days or more past due and still accruing as of December 31, 2024 and December 31, 2023. For further information on the Firm’s nonaccrual policy, see Note 2 to the financial statements.
Schedule of Modified Loans and Troubled Debt Restructurings	Modified Loans Held for Investment Period-end loans held for investment modified during the following periods 1 Year Ended December 31, 2024 2023 $ in millions Amortized Cost % of Total Loans 2 Amortized Cost % of Total Loans 2 Term Extension Corporate $ 211 3.1 % $ 183 2.7 % Secured lending facilities 41 0.1 % — — % Commercial real estate 172 2.0 % 199 2.3 % Residential real estate — — % 1 0.1 % Securities-based lending and Other 138 0.1 % 145 0.2 % Total $ 562 0.4 % $ 528 0.3 % Other-than-insignificant Payment Delay Securities-based lending and Other $ — — % $ 71 0.1 % Total $ — — % $ 71 0.1 % Interest Rate Reduction Residential real estate $ 2 — % $ — — % Total $ 2 — % $ — — % Multiple Modifications - Term Extension and Interest Rate Reduction Commercial real estate $ 81 1.0 % $ — — % Residential real estate 1 — % 1 — % Total $ 82 0.1 % $ 1 — % Multiple Modifications - Term Extension and Other-than-insignificant Payment Delay Commercial real estate $ — — % $ 24 0.3 % Total $ — — % $ 24 0.3 % Total Modifications $ 646 0.3 % $ 624 0.4 % 1. Lending commitments to borrowers for which the Firm has modified terms of the receivable, during the year ended December 31, 2024 and 2023, were $746 million and $1,062 million, as of December 31, 2024 and December 31, 2023, respectively. 2. Percentage of total loans represents the percentage of modified loans to total loans held for investment by loan type. Financial Impact of Modifications on Loans Held for Investment Year Ended December 31, 2024 Term Extension Other-than-insignificant Payment Delay Principal Forgiveness ($ millions) Interest Rate Reduction Single Modifications Corporate 15 0 $ — — % Secured lending facilities 2 0 — — % Commercial real estate 11 0 — — % Residential real estate 0 0 — 1 % Securities-based lending and Other 21 0 — — % Multiple Modifications - Term Extension and Interest Rate Reduction Commercial real estate 61 0 — 2 % Residential real estate 84 0 — 1 % Year Ended December 31, 2023 1 Term Extension Other-than-insignificant Payment Delay Principal Forgiveness ($ millions) Interest Rate Reduction Single Modifications Corporate 22 0 $ — — % Commercial real estate 50 0 — — % Residential real estate 4 0 — — % Securities-based lending and Other 7 6 — — % Multiple Modifications - Term Extension and Other-than-insignificant Payment Delay Commercial real estate 7 6 $ — — % Multiple Modifications - Term Extension and Interest Rate Reduction Residential real estate 120 0 $ — 1 % 1. In instances where more than one loan was modified, modification impact is presented on a weighted-average basis. Past Due Loans Held for Investment Modified in the Last 12 months At December 31, 2024 $ in millions 30-89 Days Past Due 90+ Days Past Due Total Commercial real estate $ — 56 56 At December 31, 2023 $ in millions 30-89 Days Past Due 90+ days Total Commercial real estate $ 24 $ 21 $ 45 Residential real estate — 1 1 Total $ 24 $ 22 $ 46 At December 31, 2024, there were two commercial real estate loans held for investment with a total amortized cost of $56 million that defaulted during the year ended December 31, 2024 and had been modified in the 12 month period prior to default. There were no loans held for investment that defaulted during the year ended December 31, 2023 that had been modified in the 12 month period prior.
Schedule of Allowance for Credit Losses Rollforward - Loans and Lending Commitments	Allowance for Credit Losses Rollforward and Allocation—Loans and Lending Commitments Year Ended December 31, 2024 $ in millions Corporate Secured Lending Facilities CRE Residential Real Estate SBL and Other Total ACL—Loans Beginning balance $ 241 $ 153 $ 463 $ 100 $ 212 $ 1,169 Gross charge-offs (39) (11) (165) — (27) (242) Recoveries — — 4 — 3 7 Net (charge-offs)/recoveries (39) (11) (161) — (24) (235) Provision (release) 2 1 77 (3) 69 146 Other (4) (3) (6) — (1) (14) Ending balance $ 200 $ 140 $ 373 $ 97 $ 256 $ 1,066 Percent of loans to total loans 1 3 % 22 % 4 % 29 % 42 % 100 % ACL—Lending commitments Beginning balance $ 431 $ 70 $ 26 $ 4 $ 20 $ 551 Provision (release) 86 19 16 — (3) 118 Other (10) (1) (2) — — (13) Ending balance $ 507 $ 88 $ 40 $ 4 $ 17 $ 656 Total ending balance $ 707 $ 228 $ 413 $ 101 $ 273 $ 1,722 Year Ended December 31, 2023 $ in millions Corporate Secured Lending Facilities CRE Residential Real Estate SBL and Other Total ACL—Loans Beginning balance $ 235 $ 153 $ 275 $ 87 $ 89 $ 839 Gross charge-offs (34) — (129) — (4) (167) Recoveries 1 — — 1 — 2 Net (charge-offs)/recoveries (33) — (129) 1 (4) (165) Provision (release) 37 — 314 13 124 488 Other 2 — 3 (1) 3 7 Ending balance $ 241 $ 153 $ 463 $ 100 $ 212 $ 1,169 Percent of loans to total loans 1 3 % 19 % 4 % 30 % 44 % 100 % ACL—Lending commitments Beginning balance $ 411 $ 51 $ 15 $ 4 $ 23 $ 504 Provision (release) 16 18 11 — (1) 44 Other 4 1 — — (2) 3 Ending balance $ 431 $ 70 $ 26 $ 4 $ 20 $ 551 Total ending balance $ 672 $ 223 $ 489 $ 104 $ 232 $ 1,720 Year Ended December 31, 2022 $ in millions Corporate Secured Lending Facilities CRE Residential Real Estate SBL and Other Total ACL—Loans Beginning balance $ 165 $ 163 $ 206 $ 60 $ 60 $ 654 Gross charge-offs — (3) (7) — (21) (31) Recoveries 6 — — 1 — 7 Net (charge-offs)/recoveries 6 (3) (7) 1 (21) (24) Provision (release) 65 (6) 80 26 51 216 Other (1) (1) (4) — (1) (7) Ending balance $ 235 $ 153 $ 275 $ 87 $ 89 $ 839 Percent of loans to total loans 1 3 % 18 % 4 % 27 % 48 % 100 % ACL—Lending commitments Beginning balance $ 356 $ 41 $ 20 $ 1 $ 26 $ 444 Provision (release) 59 10 (5) 3 (3) 64 Other (4) — — — — (4) Ending balance $ 411 $ 51 $ 15 $ 4 $ 23 $ 504 Total ending balance $ 646 $ 204 $ 290 $ 91 $ 112 $ 1,343 1. Percent of loans to total loans represents loans held for investment by loan type to total loans held for investment. Gross Charge-offs by Origination Year Year Ended December 31, 2024 $ in millions Corporate Secured Lending Facilities CRE Residential Real Estate SBL and Other Total Revolving $ (39) $ — $ — $ — $ — $ (39) 2022 — — (18) — — (18) 2021 — — (14) — (2) (16) 2020 — (11) — — — (11) Prior — — (133) — (25) (158) Total $ (39) $ (11) $ (165) $ — $ (27) $ (242) Year Ended December 31, 2023 $ in millions Corporate Secured Lending Facilities CRE Residential Real Estate SBL and Other Total Revolving $ (34) $ — $ — $ — $ — $ (34) 2020 — — — — (3) (3) 2019 — — (85) — (1) (86) Prior — — (44) — — (44) Total $ (34) $ — $ (129) $ — $ (4) $ (167) CRE—Commercial real estate
Schedule of Selected Credit Ratios	Selected Credit Ratios At At ACL for loans to total HFI loans 0.5 % 0.6 % Nonaccrual HFI loans to total HFI loans 0.4 % 0.4 % ACL for loans to nonaccrual HFI loans 104.6 % 133.3 %
Schedule of Employee Loans	Employee Loans $ in millions At December 31, 2024 At December 31, 2023 Currently employed by the Firm 1 $ 4,255 $ 4,257 No longer employed by the Firm 2 83 92 Employee loans $ 4,338 $ 4,349 ACL (112) (121) Employee loans, net of ACL $ 4,226 $ 4,228 Remaining repayment term, weighted average in years 5.6 5.8 1. These loans are predominantly current. 2. These loans are predominantly past due for a period of 90 days or more.

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill Rollforward	Goodwill Rollforward $ in millions IS WM IM Total At December 31, 2022¹ $ 429 $ 10,202 $ 6,021 $ 16,652 Foreign currency (5) 2 7 4 Acquired — — 56 56 Disposals — (5) — (5) At December 31, 2023¹ $ 424 $ 10,199 $ 6,084 $ 16,707 Foreign currency (12) (8) (3) (23) Acquired 23 — — 23 Disposals — (1) — (1) At December 31, 2024¹ $ 435 $ 10,190 $ 6,081 $ 16,706 Accumulated impairments 2 $ 673 $ — $ 27 $ 700 1. Balances represent the amount of the Firm’s goodwill after accumulated impairments. 2. There were no impairments recorded in 2024, 2023 or 2022.
Schedule of Net Amortizable Intangible Assets Rollforward	Intangible Assets Rollforward $ in millions IS WM IM Total At December 31, 2022 $ 36 $ 3,911 $ 3,671 $ 7,618 Acquired — 9 37 46 Disposals — (13) — (13) Amortization expense (10) (481) (110) (601) Other — 1 4 5 At December 31, 2023 $ 26 $ 3,427 $ 3,602 $ 7,055 Acquired 13 — — 13 Disposals — (6) — (6) Amortization expense (10) (479) (113) (602) Other (2) (3) (2) (7) At December 31, 2024 $ 27 $ 2,939 $ 3,487 $ 6,453
Schedule of Gross Amortizable Intangible Assets by Type	Intangible Assets by Type Non-amortizable Amortizable $ in millions Gross Gross Accumulated At December 31, 2024 Management contracts $ 2,112 $ 245 $ 93 Customer relationships — 8,746 5,121 Trade names — 769 223 Other — 26 8 Total $ 2,112 $ 9,786 $ 5,445 At December 31, 2023 Management contracts 2,113 245 72 Customer relationships — 8,763 4,582 Trade names — 767 187 Other — 14 6 Total $ 2,113 $ 9,789 $ 4,847
Schedule of Intangible Assets Estimated Future Amortization Expense	Intangible Assets Estimated Future Amortization Expense $ in millions At December 31, 2024 2025 $ 451 2026 343 2027 340 2028 336 2029 333

Other Assets and Leases (Tables

Other Assets and Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	Equity Method Investments $ in millions At December 31, 2024 At December 31, 2023 Investments $ 1,869 $ 1,915 $ in millions 2024 2023 2022 Income (loss) $ 241 $ 124 $ 39
Schedule of Japanese Securities Joint Venture	Japanese Securities Joint Venture $ in millions 2024 2023 2022 Income (loss) from investment in MUMSS $ 146 $ 129 $ 35
Summary of Tax Equity Investments under the Proportional Amortization Method	Tax Equity Investments under the Proportional Amortization Method $ in millions At At Low-income housing 1 $ 1,787 $ 1,699 Renewable energy and other 2 67 — Total 3 $ 1,854 $ 1,699 1. Amounts include unfunded equity contributions of $613 million and $661 million as of December 31, 2024 and December 31, 2023, respectively. The corresponding liabilities for the commitments to fund these equity contributions are recorded in Other liabilities and accrued expenses. The majority of these commitments are expected to be funded within 5 years. 2. Prior to adoption of the Investments - Tax Credit Structures accounting update on January 1, 2024, Renewable energy and other investments were accounted for under the equity method. 3. At December 31, 2024, this amount excludes $48 million of tax equity investments within programs for which the Firm elected the proportional amortization method that do not meet the conditions to apply the proportional amortization method, which are accounted for as equity method investments.
Summary of Net Benefits Attributable to Tax Equity Investments under the Proportional Amortization Met	Net Benefits Attributable to Tax Equity Investments under the Proportional Amortization Method $ in millions 2024 2023 2022 Income tax credits and other income tax benefits $ 301 $ 237 $ 208 Proportional amortization (239) (197) (174) Net benefits $ 62 $ 40 $ 34
Schedule of Balance Sheet Amounts Related to Leases	Balance Sheet Amounts Related to Leases $ in millions At December 31, 2024 At December 31, 2023 Other assets—ROU assets $ 4,114 $ 4,368 Other liabilities and accrued expenses—Lease liabilities 4,937 5,417 Weighted average: Remaining lease term, in years 8.5 8.7 Discount rate 4.3 % 4.0 %
Schedule of Lease Liabilities	Lease Liabilities $ in millions At December 31, 2024 At December 31, 2023 2024 $ 913 2025 $ 772 846 2026 790 774 2027 736 716 2028 716 644 2029 562 500 Thereafter 2,405 2,137 Total undiscounted cash flows 5,981 6,530 Imputed interest (1,044) (1,113) Amount on balance sheet $ 4,937 $ 5,417 Committed leases not yet commenced $ 63 $ 248
Schedule of Lease Costs and Rent Expense	Lease Costs $ in millions 2024 2023 2022 Fixed costs $ 917 $ 938 $ 841 Variable costs 1 181 206 170 Less: Sublease income (6) (10) (7) Total lease cost, net $ 1,092 $ 1,134 $ 1,004 1. Includes common area maintenance charges and other variable costs not included in the measurement of ROU assets and lease liabilities.
Schedule of Cash Flows Statement Supplemental Information	Cash Flows Statement Supplemental Information $ in millions 2024 2023 2022 Cash outflows—Lease liabilities $ 942 $ 892 $ 881 Non-cash—ROU assets recorded for new and modified leases 489 1,055 544

Deposits (Tables)

Deposits (Tables)	12 Months Ended
	Dec. 31, 2024
Deposits [Abstract]
Schedule of Deposits	Deposits $ in millions At At Savings and demand deposits $ 299,898 $ 288,252 Time deposits 76,109 63,552 Total deposits $ 376,007 $ 351,804 Deposits subject to FDIC insurance $ 298,351 $ 276,598 Deposits not subject to FDIC insurance $ 77,656 $ 75,206 Deposits in U.S. Bank Subsidiaries from Non-U.S. Depositors $ in millions At December 31, 2024 At December 31, 2023 Deposits in U.S. bank subsidiaries from non-U.S. depositors $ 700 $ 880
Schedule of Time Deposit Maturities	Time Deposit Maturities $ in millions At December 31, 2024 2025 $ 38,046 2026 18,016 2027 9,433 2028 6,047 2029 4,148 Thereafter 419 Total $ 76,109 Uninsured Non-U.S. Time Deposit Maturities $ in millions At Less than 3 months $ 2,659 3 - 6 months 431 6 - 12 months 390 Over 12 months — Total $ 3,480

Borrowings and Other Secured _2

Borrowings and Other Secured Financings (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Maturities and Terms of Borrowings	Maturities and Terms of Borrowings Parent Company Subsidiaries At December 31, 2024 At December 31, 2023 $ in millions Fixed Rate 1 Variable Rate 2 Fixed Rate 1 Variable Rate 2 Original maturities of one year or less: Next 12 months $ — $ — $ 146 $ 4,366 $ 4,512 $ 3,188 Original maturities greater than one year: 2024 $ 20,151 2025 $ 6,617 $ 927 $ 2,672 $ 11,705 $ 21,921 35,523 2026 23,288 1,450 3,828 9,403 37,969 35,423 2027 18,833 1,883 3,452 9,882 34,050 25,338 2028 12,478 1,366 5,808 9,067 28,719 21,239 2029 16,129 189 1,278 8,563 26,159 22,193 Thereafter 96,378 2,508 11,499 25,104 135,489 100,677 Total greater than one year $ 173,723 $ 8,323 $ 28,537 $ 73,724 $ 284,307 $ 260,544 Total $ 173,723 $ 8,323 $ 28,683 $ 78,090 $ 288,819 $ 263,732 Weighted average coupon at period end 3 3.9 % 4.9 % 5.1 % 5.9 % 4.1 % 3.6 % 1. Fixed rate borrowings include instruments with step-up, step-down and zero coupon features. 2. Variable rate borrowings include those that bear interest based on a variety of indices, including SOFR and federal funds rates, in addition to certain notes carried at fair value with various payment provisions, including notes linked to the performance of a specific index, a basket of stocks, a specific equity security, a commodity, a credit exposure or basket of credit exposures. 3.
Schedule of Borrowings with Original Maturities Greater than One Year	Borrowings with Original Maturities Greater than One Year $ in millions At December 31, 2024 At December 31, 2023 Senior $ 270,594 $ 248,174 Subordinated 13,713 12,370 Total $ 284,307 $ 260,544 Weighted average stated maturity, in years 6.6 6.6
Schedule of Senior Debt Subject to Put Options or Liquidity Obligations	Senior Debt Subject to Put Options or Liquidity Obligations $ in millions At December 31, 2024 At December 31, 2023 Put options embedded in debt agreements $ 429 $ 1,571 Liquidity obligations 1 $ 3,597 $ 3,166 1. Includes obligations to support secondary market trading.
Schedule of Subordinated Debt	Subordinated Debt 2024 2023 Contractual weighted average coupon 4.5 % 4.3 %
Summary Of Rates for Borrowings with Original Maturities Greater than One Year	Rates for Borrowings with Original Maturities Greater than One Year At December 31, 2024 2023 2022 Contractual weighted average coupon 1 4.1 % 3.6 % 3.2 % Weighted average coupon after hedging derivatives 5.6 % 6.5 % 5.1 % 1. Weighted average coupon was calculated utilizing U.S. and non-U.S. dollar interest rates and excludes financial instruments for which the fair value option was elected.
Schedule of Other Secured Financings	Other Secured Financings $ in millions At December 31, 2024 At December 31, 2023 Original maturities: One year or less $ 17,133 $ 5,732 Greater than one year 4,469 6,923 Total $ 21,602 $ 12,655 Transfers of assets accounted for as secured financings 10,275 5,848 Maturities and Terms of Other Secured Financings 1 At December 31, 2024 At $ in millions Fixed Variable Rate 2 Total Original maturities of one year or less: Next 12 months $ 3,055 $ 3,951 $ 7,006 $ 8 Original maturities greater than one year: 2024 $ 5,085 2025 $ — $ 2,389 $ 2,389 95 2026 7 683 690 92 2027 — 107 107 — 2028 — 453 453 434 2029 — — — — Thereafter 7 675 682 1,093 Total $ 14 $ 4,307 $ 4,321 $ 6,799 Weighted average coupon at period-end 3 4.6 % 4.9 % 4.6 % 5.6 % 1. Excludes transfers of assets accounted for as secured financings. See subsequent table. 2. Variable rate other secured financings bear interest based on a variety of indices, including SOFR and federal funds rates. Amounts include notes carried at fair value with various payment provisions, including notes linked to equity, credit, commodity or other indices. 3. Includes only other secured financings with original maturities greater than one year. Weighted average coupon is calculated utilizing U.S. and non-U.S. dollar interest rates and excludes other secured financings that are linked to non-interest indices and for which the fair value option was elected. Maturities of Transfers of Assets Accounted for as Secured Financings 1 $ in millions At December 31, 2024 At December 31, 2023 2024 $ — $ 5,749 2025 10,184 9 2026 42 36 2027 5 21 2028 12 11 2029 5 3 Thereafter 27 19 Total $ 10,275 $ 5,848 1. Excludes Securities sold under agreements to repurchase and Securities loaned.

Commitments, Guarantees and C_2

Commitments, Guarantees and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Commitments	Commitments Years to Maturity at December 31, 2024 $ in millions Less than 1 1-3 3-5 Over 5 Total Lending: Corporate $ 17,393 $ 40,373 $ 64,851 $ 6,357 $ 128,974 Secured lending facilities 6,894 6,646 7,169 3,874 24,583 Commercial and Residential real estate 762 404 126 411 1,703 Securities-based lending and Other 16,453 3,418 788 612 21,271 Forward-starting secured financing receivables 1 122,535 1,503 — — 124,038 Central counterparty 300 — — 20,747 21,047 Investment activities 1,509 107 84 466 2,166 Letters of credit and other financial guarantees 39 2 — 6 47 Total $ 165,885 $ 52,453 $ 73,018 $ 32,473 $ 323,829 Lending commitments participated to third parties $ 10,859 1. These amounts primarily include secured financing receivables yet to settle as of December 31, 2024, with settlement generally occurring within three business days. These amounts also include commitments to enter into certain collateralized financing transactions.
Schedule of Obligations under Guarantee Arrangements	Guarantees At December 31, 2024 Maximum Potential Payout/Notional of Obligations by Years to Maturity Carrying $ in millions Less than 1 1-3 3-5 Over 5 Non-credit derivatives 1 1,161,382 626,951 152,534 460,222 (40,849) Standby letters of credit and other financial guarantees issued 2,3 1,599 732 1,031 2,581 18 Liquidity facilities 2,453 — — — 2 Whole loan sales guarantees 24 63 — 23,050 — Securitization representations and warranties 4 — — — 87,305 — General partner guarantees 180 133 53 35 (98) Client clearing guarantees 816 — — — — 1. The carrying amounts of derivative contracts that meet the accounting definition of a guarantee are shown on a gross basis. For further information on derivative contracts, see Note 6. 2. These amounts include certain issued standby letters of credit participated to third parties, totaling $0.6 billion of notional and collateral/recourse, due to the nature of the Firm’s obligations under these arrangements. 3. As of December 31, 2024, the carrying amount of standby letters of credit and other financial guarantees issued includes an allowance for credit losses of $56 million. 4. Related to commercial, residential mortgage and asset backed securitizations.
Schedule of Legal Expenses	$ in millions 2024 2023 2022 Legal expenses $ 106 $ 488 $ 443

Variable Interest Entities an_2

Variable Interest Entities and Securitization Activities (Tables)	12 Months Ended
	Dec. 31, 2024
Variable Interest Entities and Securitization Activities [Abstract]
Schedule of Consolidated VIEs	Consolidated VIE Assets and Liabilities by Type of Activity At December 31, 2024 At December 31, 2023 $ in millions VIE Assets VIE Liabilities VIE Assets VIE Liabilities MABS 1 $ 575 $ 236 $ 597 $ 256 Investment vehicles 2 378 189 753 502 MTOB 619 578 582 520 Other 156 4 378 97 Total $ 1,728 $ 1,007 $ 2,310 $ 1,375 MTOB—Municipal tender option bonds 1. Amounts include transactions backed by residential mortgage loans, commercial mortgage loans and other types of assets, including consumer or commercial assets and may be in loan or security form. The value of assets is determined based on the fair value of the liabilities and the interests owned by the Firm in such VIEs as the fair values for the liabilities and interests owned are more observable. 2. Amounts include investment funds and CLOs. Consolidated VIE Assets and Liabilities by Balance Sheet Caption $ in millions At December 31, 2024 At December 31, 2023 Assets Cash and cash equivalents $ 37 $ 164 Trading assets at fair value 1,395 1,557 Investment securities 278 492 Securities purchased under agreements to resell — 67 Customer and other receivables 16 26 Other assets 2 4 Total $ 1,728 $ 2,310 Liabilities Other secured financings $ 921 $ 1,222 Other liabilities and accrued expenses 82 121 Borrowings 4 32 Total $ 1,007 $ 1,375 Noncontrolling interests $ 42 $ 54
Schedule of Non-Consolidated VIEs	Non-consolidated VIEs At December 31, 2024 $ in millions MABS 1 CDO MTOB OSF Other 2 VIE assets (UPB) $ 179,686 $ 1,621 $ 3,654 $ 3,603 $ 74,665 Maximum exposure to loss 3 Debt and equity interests $ 26,974 $ 62 $ — $ 2,267 $ 12,097 Derivative and other contracts — — 2,454 — 3,936 Commitments, guarantees and other 8,554 — — — 535 Total $ 35,528 $ 62 $ 2,454 $ 2,267 $ 16,568 Carrying value of variable interests—Assets Debt and equity interests $ 26,974 $ 62 $ — $ 1,821 $ 12,067 Derivative and other contracts — — 6 — 1,772 Total $ 26,974 $ 62 $ 6 $ 1,821 $ 13,839 Additional VIE assets owned 4 $ 15,777 Carrying value of variable interests—Liabilities Derivative and other contracts $ — $ — $ 4 $ — $ 448 At December 31, 2023 $ in millions MABS 1 CDO MTOB OSF Other 2 VIE assets (UPB) $ 144,906 $ 1,526 $ 3,152 $ 3,102 $ 50,052 Maximum exposure to loss 3 Debt and equity interests $ 21,203 $ 52 $ — $ 2,049 $ 9,076 Derivative and other contracts — — 2,092 — 4,452 Commitments, guarantees and other 3,439 — — — 55 Total $ 24,642 $ 52 $ 2,092 $ 2,049 $ 13,583 Carrying value of variable interests—Assets Debt and equity interests $ 21,203 $ 52 $ — $ 1,682 $ 9,075 Derivative and other contracts — — 2 — 1,330 Total $ 21,203 $ 52 $ 2 $ 1,682 $ 10,405 Additional VIE assets owned 4 $ 15,002 Carrying value of variable interests—Liabilities Derivative and other contracts $ — $ — $ 3 $ — $ 452 1. Amounts include transactions backed by residential mortgage loans, commercial mortgage loans and other types of assets, including consumer or commercial assets, and may be in loan or security form. 2. Other primarily includes exposures to commercial real estate property and investment funds. 3. Where notional amounts are utilized in quantifying the maximum exposure related to derivatives, such amounts do not reflect changes in fair value recorded by the Firm. 4. Additional VIE assets owned represents the carrying value of total exposure to non-consolidated VIEs for which the maximum exposure to loss is less than specific thresholds, primarily interests issued by securitization SPEs. The Firm’s maximum exposure to loss generally equals the fair value of the assets owned. These assets are primarily included in Trading assets and Investment securities and are measured at fair value (see Note 4). The Firm does not provide additional support in these transactions through contractual facilities, guarantees or similar derivatives.
Schedule of Mortgage- and Asset-Backed Securitization Assets	Detail of Mortgage- and Asset-Backed Securitization Assets At December 31, 2024 At December 31, 2023 $ in millions UPB Debt and UPB Debt and Residential mortgages $ 17,316 $ 2,497 $ 17,346 $ 3,355 Commercial mortgages 82,730 8,445 74,590 8,342 U.S. agency collateralized 39,317 6,260 42,917 6,675 Other consumer or commercial loans 40,323 9,772 10,053 2,831 Total $ 179,686 $ 26,974 $ 144,906 $ 21,203
Schedule of Transfers of Assets with Continuing Involvement	Transferred Assets with Continuing Involvement At December 31, 2024 $ in millions RML CML U.S. Agency CLN and Other 1 SPE assets (UPB) 2, 3 $ 6,989 $ 78,232 $ 18,174 $ 12,725 Retained interests Investment grade $ 198 $ 543 $ 967 $ — Non-investment grade 175 923 — 71 Total $ 373 $ 1,466 $ 967 $ 71 Interests purchased in the secondary market 3 Investment grade $ 45 $ 34 $ 79 $ — Non-investment grade 5 24 — — Total $ 50 $ 58 $ 79 $ — Derivative assets $ — $ — $ — $ 1,408 Derivative liabilities — — — 400 At December 31, 2023 $ in millions RML CML U.S. Agency CLN and Other 1 SPE assets (UPB) 2, 3 $ 4,333 $ 73,818 $ 12,083 $ 12,438 Retained interests Investment grade $ 149 $ 653 $ 460 $ — Non-investment grade 83 788 — 69 Total $ 232 $ 1,441 $ 460 $ 69 Interests purchased in the secondary market 3 Investment grade $ 20 $ 22 $ 42 $ — Non-investment grade — 16 — — Total $ 20 $ 38 $ 42 $ — Derivative assets $ — $ — $ — $ 1,073 Derivative liabilities — — — 426 Fair Value at December 31, 2024 $ in millions Level 2 Level 3 Total Retained interests Investment grade $ 1,080 $ — $ 1,080 Non-investment grade 71 50 121 Total $ 1,151 $ 50 $ 1,201 Interests purchased in the secondary market 3 Investment grade $ 158 $ — $ 158 Non-investment grade 18 11 29 Total $ 176 $ 11 $ 187 Derivative assets $ 1,408 $ — $ 1,408 Derivative liabilities 400 — 400 Fair Value at December 31, 2023 $ in millions Level 2 Level 3 Total Retained interests Investment grade $ 576 $ — $ 576 Non-investment grade 10 56 66 Total $ 586 $ 56 $ 642 Interests purchased in the secondary market 3 Investment grade $ 77 $ 7 $ 84 Non-investment grade 12 4 16 Total $ 89 $ 11 $ 100 Derivative assets $ 1,073 $ — $ 1,073 Derivative liabilities 426 — 426 RML—Residential mortgage loans CML—Commercial mortgage loans 1. Amounts include CLO transactions managed by unrelated third parties. 2. Amounts include assets transferred by unrelated transferors. 3. Amounts include transactions where the Firm also holds retained interests as part of the transfer.
Schedule of Proceeds from New Securitization Transactions and Sales of Loans	Proceeds from New Securitization Transactions and Sales of Loans $ in millions 2024 2023 2022 New transactions 1 $ 36,326 $ 21,051 $ 22,136 Retained interests 7,956 4,311 4,862 Sales of corporate loans to CLO SPEs 1, 2 — 24 62 1. Net gains on new transactions and sales of corporate loans to CLO entities at the time of the sale were not material for all periods presented. 2. Sponsored by non-affiliates.
Schedule of Assets Sold with Retained Exposure	Assets Sold with Retained Exposure $ in millions At At Gross cash proceeds from sale of assets 1 $ 92,229 $ 60,766 Fair value Assets sold $ 92,580 $ 62,221 Derivative assets recognized in the balance sheet 998 1,546 Derivative liabilities recognized in the balance sheet 648 93 1. The carrying value of assets derecognized at the time of sale approximates gross cash proceeds.

Regulatory Requirements (Tables

Regulatory Requirements (Tables)	12 Months Ended
	Dec. 31, 2024
Regulatory Requirements
Schedule of Regulatory Capital and Capital Ratios	Capital Buffer Requirements At At At December 31, 2024 and December 31, 2023 Standardized Standardized Advanced Capital buffers Capital conservation buffer — — 2.5% SCB 6.0% 5.4% N/A G-SIB capital surcharge 3.0% 3.0% 3.0% CCyB 1 0% 0% 0% Capital buffer requirement 9.0% 8.4% 5.5% 1. The CCyB can be set up to 2.5% but is currently set by the Federal Reserve at zero. Risk-Based Regulatory Capital Ratio Requirements At At At December 31, 2024 and December 31, 2023 Regulatory Minimum Standardized Standardized Advanced Required ratios 1 CET1 capital ratio 4.5 % 13.5% 12.9% 10.0% Tier 1 capital ratio 6.0 % 15.0% 14.4% 11.5% Total capital ratio 8.0 % 17.0% 16.4% 13.5% 1. Required ratios represent the regulatory minimum plus the capital buffer requirement. The Firm’s Regulatory Capital and Capital Ratios Risk-based capital Standardized $ in millions At December 31, 2024 At December 31, 2023 Risk-based capital CET1 capital $ 75,095 $ 69,448 Tier 1 capital 84,790 78,183 Total capital 95,567 88,874 Total RWA 471,834 456,053 Risk-based capital ratio CET1 capital 15.9 % 15.2 % Tier 1 capital 18.0 % 17.1 % Total capital 20.3 % 19.5 % Required ratio 1 CET1 capital 13.5 % 12.9 % Tier 1 capital 15.0 % 14.4 % Total capital 17.0 % 16.4 % 1. Required ratios are inclusive of any buffers applicable as of the date presented. Leveraged-based capital $ in millions At December 31, 2024 At December 31, 2023 Leveraged-based capital Adjusted average assets 1 $ 1,223,779 $ 1,159,626 Supplementary leverage exposure 2 1,517,687 1,429,552 Leveraged-based capital ratio Tier 1 leverage 6.9 % 6.7 % SLR 5.6 % 5.5 % Required ratio 3 Tier 1 leverage 4.0 % 4.0 % SLR 5.0 % 5.0 % 1. Adjusted average assets represents the denominator of the Tier 1 leverage ratio and is composed of the average daily balance of consolidated on-balance sheet assets for the quarters ending on the respective balance sheet dates, reduced by disallowed goodwill, intangible assets, investments in covered funds, defined benefit pension plan assets, after-tax gain on sale from assets sold into securitizations, investments in our own capital instruments, certain deferred tax assets and other capital deductions. 2. Supplementary leverage exposure is the sum of Adjusted average assets used in the Tier 1 leverage ratio and other adjustments, primarily: (i) for derivatives, potential future exposure and the effective notional principal amount of sold credit protection offset by qualifying purchased credit protection; (ii) the counterparty credit risk for repo-style transactions; and (iii) the credit equivalent amount for off-balance sheet exposures. 3.
Schedule of Restrictions on Payments	The following table represents net assets of consolidated subsidiaries that may be restricted as to the payment of cash dividends and advances to the Parent Company. $ in millions At At Restricted net assets $ 49,914 $ 49,008
MSBNA
Regulatory Requirements
Schedule of Regulatory Capital and Capital Ratios	MSBNA’s Regulatory Capital Well-Capitalized Required Ratio 1 At December 31, 2024 At December 31, 2023 $ in millions Amount Ratio Amount Ratio Risk-based capital CET1 capital 6.5 % 7.0 % $ 22,165 20.1 % $ 21,925 21.7 % Tier 1 capital 8.0 % 8.5 % 22,165 20.1 % 21,925 21.7 % Total capital 10.0 % 10.5 % 22,993 20.9 % 22,833 22.6 % Leverage-based capital Tier 1 leverage 5.0 % 4.0 % $ 22,165 9.7 % $ 21,925 10.6 % SLR 6.0 % 3.0 % 22,165 7.4 % 21,925 8.2 %
MSPBNA
Regulatory Requirements
Schedule of Regulatory Capital and Capital Ratios	MSPBNA’s Regulatory Capital Well-Capitalized Required Ratio 1 At December 31, 2024 At December 31, 2023 $ in millions Amount Ratio Amount Ratio Risk-based capital CET1 capital 6.5 % 7.0 % $ 16,672 26.1 % $ 15,388 25.8 % Tier 1 capital 8.0 % 8.5 % 16,672 26.1 % 15,388 25.8 % Total capital 10.0 % 10.5 % 17,004 26.6 % 15,675 26.3 % Leverage-based capital Tier 1 leverage 5.0 % 4.0 % $ 16,672 7.7 % $ 15,388 7.5 % SLR 6.0 % 3.0 % 16,672 7.5 % 15,388 7.2 % 1. Required ratios are inclusive of any buffers applicable as of the date presented. Failure to maintain the buffers would result in restrictions on the ability to make capital distributions, including the payment of dividends.
MS&Co.
Regulatory Requirements
Schedule of Broker-Dealer Regulatory Capital Requirements	Other Regulatory Capital Requirements MS&Co. Regulatory Capital $ in millions At December 31, 2024 At December 31, 2023 Net capital $ 18,483 $ 18,121 Excess net capital 13,883 13,676

Total Equity (Tables)

Total Equity (Tables)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Schedule of Preferred Stock, Issuance Description and Dividends	Preferred Stock Shares Carrying Value $ in millions, except per share data At Liquidation At At Series A 44,000 $ 25,000 $ 1,100 $ 1,100 C 1 519,882 1,000 408 408 E 34,500 25,000 862 862 F 34,000 25,000 850 850 I 40,000 25,000 1,000 1,000 K 40,000 25,000 1,000 1,000 L 20,000 25,000 500 500 M 400,000 1,000 430 430 N 3,000 100,000 300 300 O 52,000 25,000 1,300 1,300 P 40,000 25,000 1,000 1,000 Q 40,000 25,000 1,000 — Total $ 9,750 $ 8,750 Shares authorized 30,000,000 1. Series C preferred stock is held by MUFG. Description of Preferred Stock as of December 31, 2024 Depositary Redemption Series 1, 2 Shares Price per Share 3 Date 4 A 44,000 1,000 $ 25,000 Currently redeemable C 5 1,160,791 N/A 1,100 Currently redeemable E 34,500 1,000 25,000 Currently redeemable F 34,000 1,000 25,000 Currently redeemable I 40,000 1,000 25,000 Currently redeemable K 40,000 1,000 25,000 April 15, 2027 L 20,000 1,000 25,000 January 15, 2025 M 400,000 N/A 1,000 September 15, 2026 N 3,000 100 100,000 October 2, 2025 O 52,000 1,000 25,000 January 15, 2027 P 6 40,000 1,000 25,000 October 15, 2027 Q 7 40,000 1,000 25,000 October 15, 2029 1. All shares issued are non-cumulative. Each share has a par value of $0.01. 2. Dividends on Series A are based on a floating rate, and dividends on Series C, L, O, P and Q are based on a fixed rate. Dividends on all other Series are based on a fixed-to-floating rate. 3. Series A and C are redeemable at the redemption price plus accrued and unpaid dividends, regardless of whether dividends are actually declared, up to but excluding the date of redemption. All other Series are redeemable at the redemption price plus any declared and unpaid dividends, up to but excluding the date fixed for redemption. 4. Series A and C are currently redeemable at the Firm’s option, in whole or in part, from time to time. Series E, F and I are currently redeemable, and all other Series are redeemable, at the Firm’s option (i) in whole or in part, from time to time, on any dividend payment date on or after the redemption date or (ii) in whole but not in part at any time within 90 days following a regulatory capital treatment event (as described in the terms of that series). 5. Series C is non-voting perpetual preferred stock. Dividends on the Series C preferred stock are payable, on a non-cumulative basis, as and if declared by the Board of Directors, in cash, at the rate of 10% per annum of the liquidation preference of $1,000 per share. 6. The Firm issued Series P Preferred Stock on August 2, 2022. 7. The Firm issued Series Q Preferred Stock on July 30, 2024. Dividends $ in millions, except per share data 2024 2023 2022 Per Share 1 Total Per Share 1 Total Per Share 1 Total Preferred Stock Series A $ 1,548 $ 68 $ 1,522 $ 67 $ 1,061 $ 47 C 100 52 100 52 100 52 E 1,806 62 1,791 62 1,781 60 F 1,747 60 1,719 58 1,719 59 I 1,603 64 1,594 64 1,594 64 K 1,463 59 1,463 59 1,463 59 L 1,219 24 1,219 24 1,219 24 M 2 59 24 59 24 59 24 N 3 8,841 27 9,160 27 5,300 16 O 1,063 55 1,063 55 1,063 55 P 1,625 65 1,625 65 739 29 Q 759 30 — — — — Total Preferred stock $ 590 $ 557 $ 489 Common stock $ 3.55 $ 5,745 $ 3.25 $ 5,393 $ 2.95 $ 5,108 1. Common and Preferred Stock dividends are payable quarterly unless otherwise noted. 2. Series M is payable semiannually until September 15, 2026 and thereafter will be payable quarterly. 3. Series N was payable semiannually until March 15, 2023 and thereafter is payable quarterly.
Schedule of Rollforward of Common Stock Outstanding	Rollforward of Common Stock Outstanding in millions 2024 2023 Shares outstanding at beginning of period 1,627 1,675 Treasury stock purchases 1 (43) (71) Other 2 23 23 Shares outstanding at end of period 1,607 1,627 1. The Firm’s Board of Directors has authorized the repurchase of the Firm’s outstanding stock under a share repurchase program (“Share Repurchase Program”). In addition to the Firm’s Share Repurchase Program, Treasury stock purchases include repurchases of common stock for employee tax withholding. 2. Other includes net shares issued to and forfeited from employee stock trusts and issued for RSU conversions.
Schedule of Share Repurchases	Share Repurchases $ in millions 2024 2023 Repurchases of common stock under the Firm’s Share Repurchase Program $ 3,250 $ 5,300
Schedule of Reconciliation of Common Shares Outstanding for Basic and Diluted EPS	Common Shares Outstanding for Basic and Diluted EPS in millions 2024 2023 2022 Weighted average common shares outstanding, basic 1,591 1,628 1,691 Effect of dilutive RSUs and PSUs 20 18 22 Weighted average common shares outstanding and common stock equivalents, diluted 1,611 1,646 1,713 Weighted average antidilutive common stock equivalents (excluded from the computation of diluted EPS) — 2 3
Schedule of Common Stock Dividends Per Share	Dividends $ in millions, except per share data 2024 2023 2022 Per Share 1 Total Per Share 1 Total Per Share 1 Total Preferred Stock Series A $ 1,548 $ 68 $ 1,522 $ 67 $ 1,061 $ 47 C 100 52 100 52 100 52 E 1,806 62 1,791 62 1,781 60 F 1,747 60 1,719 58 1,719 59 I 1,603 64 1,594 64 1,594 64 K 1,463 59 1,463 59 1,463 59 L 1,219 24 1,219 24 1,219 24 M 2 59 24 59 24 59 24 N 3 8,841 27 9,160 27 5,300 16 O 1,063 55 1,063 55 1,063 55 P 1,625 65 1,625 65 739 29 Q 759 30 — — — — Total Preferred stock $ 590 $ 557 $ 489 Common stock $ 3.55 $ 5,745 $ 3.25 $ 5,393 $ 2.95 $ 5,108 1. Common and Preferred Stock dividends are payable quarterly unless otherwise noted. 2. Series M is payable semiannually until September 15, 2026 and thereafter will be payable quarterly. 3. Series N was payable semiannually until March 15, 2023 and thereafter is payable quarterly.
Schedule of Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) 1 $ in millions CTA AFS Pension DVA Cash Flow Hedges Total December 31, 2021 $ (1,002) $ 245 $ (551) $ (1,794) $ — $ (3,102) OCI during the period (202) (4,437) 43 1,449 (4) (3,151) December 31, 2022 (1,204) (4,192) (508) (345) (4) (6,253) OCI during the period 51 1,098 (87) (1,250) 20 (168) December 31, 2023 (1,153) (3,094) (595) (1,595) 16 (6,421) OCI during the period (324) 521 12 (551) (51) (393) December 31, 2024 $ (1,477) $ (2,573) $ (583) $ (2,146) $ (35) $ (6,814) CTA—Cumulative foreign currency translation adjustments 1. Amounts are net of tax and noncontrolling interests.
Schedule of Components of Period Changes in OCI	Components of Period Changes in OCI 2024 $ in millions Pre-tax Income Tax Benefit (Provision) After-tax Non- Net CTA OCI activity $ (117) $ (305) $ (422) $ (98) $ (324) Reclassified to earnings — — — — — Net OCI $ (117) $ (305) $ (422) $ (98) $ (324) Change in net unrealized gains (losses) on AFS securities OCI activity $ 736 $ (175) $ 561 $ — $ 561 Reclassified to earnings (52) 12 (40) — (40) Net OCI $ 684 $ (163) $ 521 $ — $ 521 Pension and other OCI activity $ (8) $ 5 $ (3) $ — $ (3) Reclassified to earnings 20 (5) 15 — 15 Net OCI $ 12 $ — $ 12 $ — $ 12 Change in net DVA OCI activity $ (729) $ 174 $ (555) $ 17 $ (572) Reclassified to earnings 27 (6) 21 — 21 Net OCI $ (702) $ 168 $ (534) $ 17 $ (551) Change in fair value of cash flow hedge derivatives OCI activity $ (99) $ 24 $ (75) $ — $ (75) Reclassified to earnings 32 (8) 24 — $ 24 Net OCI $ (67) $ 16 $ (51) $ — $ (51) 2023 $ in millions Pre-tax Income Tax Benefit (Provision) After-tax Non- Net CTA OCI activity $ (73) $ 53 $ (20) $ (71) $ 51 Reclassified to earnings — — — — — Net OCI $ (73) $ 53 $ (20) $ (71) $ 51 Change in net unrealized gains (losses) on AFS securities OCI activity $ 1,488 $ (353) $ 1,135 $ — $ 1,135 Reclassified to earnings (49) 12 (37) — (37) Net OCI $ 1,439 $ (341) $ 1,098 $ — $ 1,098 Pension and other OCI activity $ (96) $ 24 $ (72) $ — $ (72) Reclassified to earnings (18) 3 (15) — (15) Net OCI $ (114) $ 27 $ (87) $ — $ (87) Change in net DVA OCI activity $ (1,728) $ 424 $ (1,304) $ (40) $ (1,264) Reclassified to earnings 19 (5) 14 — 14 Net OCI $ (1,709) $ 419 $ (1,290) $ (40) $ (1,250) Change in fair value of cash flow hedge derivatives OCI activity $ 9 $ (1) $ 8 $ — $ 8 Reclassified to earnings 16 (4) 12 — 12 Net OCI $ 25 $ (5) $ 20 $ — $ 20 2022 $ in millions Pre-tax Income Tax Benefit (Provision) After-tax Non- Net CTA OCI activity $ (179) $ (217) $ (396) $ (135) $ (261) Reclassified to earnings — 59 59 — 59 Net OCI $ (179) $ (158) $ (337) $ (135) $ (202) Change in net unrealized gains (losses) on AFS securities OCI activity $ (5,720) $ 1,337 $ (4,383) $ — $ (4,383) Reclassified to earnings (70) 16 (54) — (54) Net OCI $ (5,790) $ 1,353 $ (4,437) $ — $ (4,437) Pension and other OCI activity $ 38 $ (13) $ 25 $ — $ 25 Reclassified to earnings 22 (4) 18 — 18 Net OCI $ 60 $ (17) $ 43 $ — $ 43 Change in net DVA OCI activity $ 1,982 $ (480) $ 1,502 $ 53 $ 1,449 Reclassified to earnings — — — — — Net OCI $ 1,982 $ (480) $ 1,502 $ 53 $ 1,449 Change in fair value of cash flow hedge derivatives OCI activity $ (4) $ — $ (4) $ — $ (4) Reclassified to earnings — — — — — Net OCI $ (4) $ — $ (4) $ — $ (4)
Schedule of Cumulative Foreign Currency Translation Adjustments	Cumulative Foreign Currency Translation Adjustments $ in millions At At Associated with net investments in subsidiaries with a non-U.S. dollar functional currency $ (4,326) $ (2,917) Hedges, net of tax 2,849 1,764 Total $ (1,477) $ (1,153) Carrying value of net investments in non-U.S. dollar functional currency subsidiaries subject to hedges $ 18,303 $ 18,761

Interest Income and Interest _2

Interest Income and Interest Expense (Tables)	12 Months Ended
	Dec. 31, 2024
Interest Income (Expense), Operating [Abstract]
Schedule of Details of Interest Income and Interest Expense	$ in millions 2024 2023 2022 Interest income Cash and cash equivalents 1 $ 3,068 $ 3,408 $ 914 Investment securities 5,161 3,992 3,066 Loans 13,771 12,424 6,988 Securities purchased under agreements to resell 2 12,416 7,762 2,188 Securities borrowed 3 5,391 5,191 1,020 Trading assets, net of Trading liabilities 5,924 4,488 2,484 Customer receivables and Other 1,4 8,404 8,584 4,935 Total interest income $ 54,135 $ 45,849 $ 21,595 Interest expense Deposits $ 10,368 $ 8,216 $ 1,825 Borrowings 13,242 11,437 5,054 Securities sold under agreements to repurchase 5 10,787 6,737 1,760 Securities loaned 6 1,036 784 503 Customer payables and Other 4,7 10,091 10,445 3,126 Total interest expense $ 45,524 $ 37,619 $ 12,268 Net interest $ 8,611 $ 8,230 $ 9,327 1. In 2023, interest-bearing Cash and cash equivalents and related interest were presented separately for the first time. The prior year amounts for Customer receivables and Other have been disaggregated to exclude Cash and cash equivalents to align with the current presentation. 2. Includes interest paid on Securities purchased under agreements to resell. 3. Includes fees paid on Securities borrowed. 4. Certain prior-period amounts have been adjusted to conform with the current-period presentation. This adjustment resulted in a decrease to both interest income and interest expense of $4,432 million for the year ended December 31, 2023, and no effect on net interest income, with the entire impact to the Firm recorded within the Institutional Securities segment. See Note 2 for additional information. 5. Includes interest received on Securities sold under agreements to repurchase. 6. Includes fees received on Securities loaned. 7. Includes fees received from Equity Financing customers related to their short transactions, which can be under either margin or securities lending arrangements.
Schedule of Accrued Interest	Accrued Interest $ in millions At At Customer and other receivables $ 3,322 $ 4,206 Customer and other payables 3,938 4,360

Deferred Compensation Plans a_2

Deferred Compensation Plans and Carried Interest Compensation (Tables)	12 Months Ended
	Dec. 31, 2024
Compensation Related Costs [Abstract]
Schedule of Stock-Based Compensation Expense	These plans include RSUs, PSUs and an ESPP. Stock-Based Compensation Expense $ in millions 2024 2023 2022 RSUs $ 1,464 $ 1,607 $ 1,827 PSUs 148 91 40 ESPP 10 11 8 Total $ 1,622 $ 1,709 $ 1,875 Retirement-eligible awards 1 $ 202 $ 178 $ 176 1. Total expense includes stock-based compensation anticipated to be awarded in January of the following year that does not contain a future service requirement.
Schedule of Tax Benefit Related to Stock-Based Compensation Expense	Tax Benefit Related to Stock-Based Compensation Expense $ in millions 2024 2023 2022 Tax benefit 1 $ 343 $ 382 $ 427 1. Excludes income tax consequences related to employee share-based award conversions.
Schedule of Unrecognized Compensation Cost Related to Stock-Based Awards Granted	Unrecognized Compensation Cost Related to Stock-Based Awards Granted $ in millions At December 31, 2024 1 To be recognized in: 2025 $ 510 2026 230 Thereafter 38 Total $ 778 1. Amounts do not include forfeitures or 2024 performance year compensation awarded in January 2025 which will begin to be amortized in 2025.
Schedule of Common Shares Available for Future Awards under Stock-Based Compensation Plans	Common Shares Available for Future Awards under Stock-Based Compensation Plans in millions At Shares 109
Schedule of Vested and Unvested RSU Activity	Vested and Unvested RSU Activity 2024 shares in millions Number of Weighted RSUs at beginning of period 59 $ 86.92 Awarded 20 85.46 Conversions to common stock (23) 77.11 Forfeited (2) 90.84 RSUs at end of period 1 54 $ 90.53 Weighted average award date fair value RSUs awarded in 2023 93.55 RSUs awarded in 2022 96.61 1. At December 31, 2024, the weighted average remaining term until delivery for the outstanding RSUs was approximately 1.2 years.
Schedule of Unvested RSU Activity	Unvested RSU Activity 2024 shares in millions Number of Weighted Unvested RSUs at beginning of period 28 $ 89.16 Awarded 20 85.46 Vested (19) 85.96 Forfeited (2) 90.51 Unvested RSUs at end of period 1 27 $ 88.64 1.
Schedule of Fair Value of RSU Activity	Fair Value of RSU Activity 1 $ in millions 2024 2023 2022 Conversions to common stock $ 2,065 $ 2,019 $ 2,301 Vested 1,723 2,260 2,433
Schedule of PSU Fair Value on Award Date	PSU Awards - Fair Value on Award Date 2024 2023 2022 MS Average ROTCE/ Relative ROTCE 1 $ 83.86 $ 85.76 $ 100.12 MS Relative TSR — — 102.17 1. Weighted average price on award date
Schedule of Monte Carlo Simulation Assumptions	Monte Carlo Simulation Assumptions Risk-Free Expected Correlation Award year 2022 1.3 % 38.9 % 0.91
Schedule of Deferred Cash-Based Compensation Plans	Deferred Cash-Based Compensation Expense $ in millions 2024 2023 2022 Deferred cash-based awards $ 770 $ 693 $ 761 Return on referenced investments 672 668 (716) Total $ 1,442 $ 1,361 $ 45 Retirement-eligible awards 1 $ 287 $ 259 $ 264 1. Total expense includes deferred cash-based compensation anticipated to be awarded in January of the following year that does not contain a future service requirement.
Schedule of Carried Interest Compensation Expense	Carried Interest Compensation Expense $ in millions 2024 2023 2022 Expense $ 114 $ 44 $ 225

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
Schedule of Components of Net Periodic Benefit Expense (Income)	Net Periodic Benefit Expense (Income) Pension Plans $ in millions 2024 2023 2022 Service cost, benefits earned during the period $ 20 $ 20 $ 19 Interest cost on projected benefit obligation 137 140 111 Expected return on plan assets (99) (99) (56) Net amortization of prior service cost 1 1 1 Amortization of net (gains) losses 21 (9) 25 Plan settlements — 2 — Net periodic benefit expense $ 80 $ 55 $ 100
Schedule of Rollforward of Pre-tax AOCI	Rollforward of Pre-tax AOCI Pension Plans $ in millions 2024 2023 2022 Beginning balance $ (821) $ (716) $ (768) Net gain (loss) (12) (100) 26 Amortization of prior service cost 1 1 1 Amortization of net (gains) losses 21 (9) 25 Plan settlements, curtailments and amendments (1) 3 — Changes recognized in OCI 9 (105) 52 Ending balance $ (812) $ (821) $ (716)
Schedule of Weighted Average Assumptions Used to Determine Net Periodic Benefit Expense (Income)	Weighted Average Assumptions Used to Determine Net Periodic Benefit Expense (Income) Pension Plans 2024 2023 2022 Discount rate 4.75 % 4.93 % 2.80 % Expected long-term rate of return on plan assets 4.18 % 3.54 % 1.71 %
Schedule of Rollforward of the Benefit Obligation and Fair Value of Plan Assets	Rollforward of the Projected Benefit Obligation and Fair Value of Plan Assets Pension Plans $ in millions 2024 2023 Rollforward of projected benefit obligation Benefit obligation at beginning of year $ 2,975 $ 2,907 Service cost 20 20 Interest cost 137 140 Actuarial (gain) loss 1 (201) 79 Plan amendments 1 — Plan settlements (1) (13) Benefits paid (149) (164) Other 2 (18) 6 Projected benefit obligation at end of year $ 2,764 $ 2,975 Rollforward of fair value of plan assets Fair value of plan assets at beginning of year $ 2,422 $ 2,416 Actual return on plan assets (114) 78 Employer contributions 38 89 Benefits paid (149) (164) Plan settlements (1) (13) Other 2 (10) 16 Fair value of plan assets at end of year $ 2,186 $ 2,422 Funded (unfunded) status $ (578) $ (553) Amounts recognized in the balance sheet Assets $ 71 $ 84 Liabilities (649) (637) Net amount recognized $ (578) $ (553) 1. Primarily reflects the impact of year-over-year discount rate fluctuations. 2. Primarily includes the impact of foreign currency exchange rate changes.
Schedule of Accumulated Benefit Obligation	Accumulated Benefit Obligation $ in millions At At Pension plans $ 2,740 $ 2,956
Schedule of Pension Plans with Benefit Obligations in Excess of the Fair Value of Plan Assets	Pension Plans with Projected Benefit Obligations in Excess of the Fair Value of Plan Assets $ in millions At At Projected benefit obligation $ 2,616 $ 2,821 Accumulated benefit obligation 2,594 2,803 Fair value of plan assets 1,967 2,184
Schedule of Weighted Average Assumptions Used to Determine Benefit Obligation	Weighted Average Assumptions Used to Determine Projected Benefit Obligation Pension Plans At At Discount rate 5.39 % 4.75 %
Schedule of Fair Value of Plan Assets	Fair Value of Plan Assets At December 31, 2024 $ in millions Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 7 $ — $ — $ 7 U.S. government and agency securities 1,638 213 — 1,851 Derivative contracts — 1 — 1 Other investments — — 70 70 Other receivables 1 — 10 — 10 Total $ 1,645 $ 224 $ 70 $ 1,939 Assets Measured at NAV Commingled trust funds: Money market 27 Foreign funds: Fixed income 25 Liquidity 13 Targeted cash flow 184 Total $ 249 Liabilities Other payables 1 — (2) — (2) Total liabilities $ — $ (2) $ — $ (2) Fair value of plan assets $ 2,186 At December 31, 2023 $ in millions Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 6 $ — $ — $ 6 U.S. government and agency securities 1,800 230 — 2,030 Derivative contracts — 3 — 3 Other investments — — 71 71 Other receivables 1 1 15 — 16 Total $ 1,807 $ 248 $ 71 $ 2,126 Assets Measured at NAV Commingled trust funds: Money market 64 Foreign funds: Fixed income 62 Liquidity 171 Targeted cash flow 14 Total $ 311 Liabilities Other payables 1 (1) (14) — (15) Total liabilities $ (1) $ (14) $ — $ (15) Fair value of plan assets $ 2,422 1. Other receivables and other payables are valued at their carrying value, which approximates fair value.
Schedule of Rollforward of Level 3 Plan Assets	Rollforward of Level 3 Plan Assets $ in millions 2024 2023 Balance at beginning of period $ 71 $ 64 Realized and unrealized gains 2 2 Purchases, sales and settlements, net (3) 5 Balance at end of period $ 70 $ 71
Schedule of Expected Future Benefit Payments	Expected Future Benefit Payments At December 31, 2024 $ in millions Pension Plans 2025 $ 161 2026 167 2027 174 2028 179 2029 183 2030-2034 968
Schedule of Morgan Stanley 401(k) Plan and Non-U.S. Defined Contribution Pension Plans	401(k) Plan $ in millions 2024 2023 2022 Expense $ 400 $ 397 $ 355 Non-U.S. Defined Contribution Pension Plans $ in millions 2024 2023 2022 Expense $ 181 $ 173 $ 163

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Components of Provision for (Benefit from) Income Taxes	Components of Provision for Income Taxes $ in millions 2024 2023 2022 Current U.S.: Federal $ 2,011 $ 1,190 $ 2,518 State and local 660 542 442 Non-U.S.: U.K. 487 267 405 India 1 243 127 17 Japan 115 139 105 Brazil 2 57 437 24 Other 3 342 344 248 Total $ 3,915 $ 3,046 $ 3,759 Deferred U.S.: Federal $ 8 $ (295) $ (803) State and local (6) (59) (142) Non-U.S.: U.K. 42 12 55 India 1 55 (12) — Japan 9 (13) 20 Brazil 2 6 (43) 25 Other 3 38 (53) (4) Total $ 152 $ (463) $ (849) Provision for income taxes $ 4,067 $ 2,583 $ 2,910 1. In 2024, India was presented separately for the first time. The prior period amounts for Other have been disaggregated to exclude India to align with the current presentation. 2. In 2023, Brazil was presented separately for the first time. The prior period amounts for Other have been disaggregated to exclude Brazil to align with the current presentation. 3. Other Non-U.S. tax provisions for 2024, 2023 and 2022 primarily include Germany, Hong Kong and Singapore.
Schedule of Reconciliation of the U.S. Federal Statutory Income Tax Rate to the Effective Income Tax Rate	Reconciliation of the U.S. Federal Statutory Income Tax Rate to the Effective Income Tax Rate 2024 2023 2022 U.S. federal statutory income tax rate 21.0 % 21.0 % 21.0 % U.S. state and local income taxes, net of U.S. federal income tax benefits 3.0 3.4 1.8 Domestic tax credits and tax exempt income (0.6) (1.3) (0.9) Non-U.S. earnings 1.8 1.9 0.6 Employee share-based awards (0.6) (1.5) (1.7) Non-taxable income 1 (1.9) (2.3) (0.8) Other 0.4 0.7 0.7 Effective income tax rate 23.1 % 21.9 % 20.7 % 1. In 2023, Non-taxable income was presented separately for the first time. The prior period amounts for Non-U.S. earnings and Other have been disaggregated to exclude Non-taxable income to align with the current presentation.
Schedule of Deferred Tax Assets and Liabilities	Deferred Tax Assets and Liabilities $ in millions At Dec 31, 2024 At Dec 31, 2023 Gross deferred tax assets Net operating loss and tax credit carryforwards $ 236 $ 255 Employee compensation and benefit plans 2,565 2,636 Allowance for credit losses and other reserves 796 755 Valuation of net trading inventory, investments and receivables 1,808 1,897 Other 223 78 Total deferred tax assets 5,628 5,621 Less: Deferred tax assets valuation allowance 214 211 Deferred tax assets after valuation allowance $ 5,414 $ 5,410 Gross deferred tax liabilities Fixed assets 801 772 Intangibles and goodwill 1,931 2,003 Total deferred tax liabilities $ 2,732 $ 2,775 Net deferred tax assets $ 2,682 $ 2,635
Schedule of Rollforward of Unrecognized Tax Benefits	Rollforward of Unrecognized Tax Benefits $ in millions 2024 2023 2022 Balance at beginning of period $ 1,244 $ 1,129 $ 971 Increases based on tax positions related to the current period 202 147 256 Increases based on tax positions related to prior periods 132 141 64 Decreases based on tax positions related to prior periods (52) (73) (134) Decreases related to settlements with taxing authorities (174) (79) (6) Decreases related to lapse of statute of limitations (47) (21) (22) Balance at end of period $ 1,305 $ 1,244 $ 1,129 Net unrecognized tax benefits 1 $ 1,159 $ 1,090 $ 1,007 1. Represent ending unrecognized tax benefits adjusted for the impact of the federal benefit of state issues, competent authority arrangements and foreign tax credit offsets. If recognized, these net benefits would favorably impact the effective tax rate in future periods.
Schedule of Interest Expense (Benefit) Associated with Unrecognized Tax Benefits, Net of Federal and State Income Tax Benefits	Interest Expense (Benefit) and Penalties Associated with Unrecognized Tax Benefits, Net of Federal and State Income Tax Benefits $ in millions 2024 2023 2022 Recognized in income statement $ 92 $ 65 $ 39 Accrued at end of period 255 237 175
Schedule of Earliest Tax Year Subject to Examination in Major Tax Jurisdictions	Earliest Tax Year Subject to Examination in Major Tax Jurisdictions Jurisdiction Tax Year U.S. 2017 New York State and New York City 2010 U.K. 2014 Japan 2020 Hong Kong 2018

Segment, Geographic and Reven_2

Segment, Geographic and Revenue Information (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Selected Financial Information by Business Segment	Selected Financial Information by Business Segment 2024 $ in millions IS WM IM I/E Total Investment banking $ 6,170 $ 653 $ — $ (118) $ 6,705 Trading 15,967 733 9 54 16,763 Investments 406 85 333 — 824 Commissions and fees 1 2,905 2,478 — (289) 5,094 Asset management 1, 2 646 16,501 5,627 (275) 22,499 Other 607 657 14 (13) 1,265 Total non-interest revenues 26,701 21,107 5,983 (641) 53,150 Interest income 39,332 16,247 112 (1,556) 54,135 Interest expense 37,953 8,934 234 (1,597) 45,524 Net interest 1,379 7,313 (122) 41 8,611 Net revenues $ 28,080 $ 28,420 $ 5,861 $ (600) $ 61,761 Provision for credit losses $ 202 $ 62 $ — $ — $ 264 Compensation and benefits 3 8,669 15,207 2,302 — 26,178 Non-compensation expenses 3 10,460 5,411 2,422 (570) 17,723 Total non-interest expenses $ 19,129 $ 20,618 $ 4,724 $ (570) $ 43,901 Income before provision for income taxes $ 8,749 $ 7,740 $ 1,137 $ (30) $ 17,596 Provision for income taxes 1,947 1,852 275 (7) 4,067 Net income 6,802 5,888 862 (23) 13,529 Net income applicable to noncontrolling interests 136 — 3 — 139 Net income applicable to Morgan Stanley $ 6,666 $ 5,888 $ 859 $ (23) $ 13,390 Pre-tax margin 4 31 % 27 % 19 % N/M 28 % 2023 $ in millions IS WM IM I/E Total Investment banking $ 4,578 $ 454 $ — $ (84) $ 4,948 Trading 14,468 823 (59) 31 15,263 Investments 177 62 334 — 573 Commissions and fees 1 2,540 2,279 — (282) 4,537 Asset management 1, 2 596 14,019 5,231 (229) 19,617 Other 480 513 (7) (11) 975 Total non-interest revenues 22,839 18,150 5,499 (575) 45,913 Interest income 5 32,383 15,015 135 (1,684) 45,849 Interest expense 5 32,162 6,897 264 (1,704) 37,619 Net interest 221 8,118 (129) 20 8,230 Net revenues $ 23,060 $ 26,268 $ 5,370 $ (555) $ 54,143 Provision for credit losses $ 401 $ 131 $ — $ — $ 532 Compensation and benefits 3 8,369 13,972 2,217 — 24,558 Non-compensation expenses 3 9,814 5,635 2,311 (520) 17,240 Total non-interest expenses $ 18,183 $ 19,607 $ 4,528 $ (520) $ 41,798 Income before provision for income taxes $ 4,476 $ 6,530 $ 842 $ (35) $ 11,813 Provision for income taxes 884 1,508 199 (8) 2,583 Net income 3,592 5,022 643 (27) 9,230 Net income applicable to noncontrolling interests 139 — 4 — 143 Net income applicable to Morgan Stanley $ 3,453 $ 5,022 $ 639 $ (27) $ 9,087 Pre-tax margin 4 19 % 25 % 16 % N/M 22 % 2022 $ in millions IS WM IM I/E Total Investment banking $ 5,235 $ 438 $ — $ (74) $ 5,599 Trading 14,318 (432) (11) 53 13,928 Investments (156) 51 120 — 15 Commissions and fees 1 2,756 2,467 — (285) 4,938 Asset management 1,2 580 13,872 5,332 (206) 19,578 Other (295) 592 (2) (12) 283 Total non-interest revenues 22,438 16,988 5,439 (524) 44,341 Interest income 13,276 9,579 56 (1,316) 21,595 Interest expense 11,321 2,150 120 (1,323) 12,268 Net interest 1,955 7,429 (64) 7 9,327 Net revenues $ 24,393 $ 24,417 $ 5,375 $ (517) $ 53,668 Provision for credit losses $ 211 $ 69 $ — $ — $ 280 Compensation and benefits 3 8,246 12,534 2,273 — 23,053 Non-compensation expenses 3 9,221 5,231 2,295 (501) 16,246 Total non-interest expenses $ 17,467 $ 17,765 $ 4,568 $ (501) $ 39,299 Income before provision for income taxes $ 6,715 $ 6,583 $ 807 $ (16) $ 14,089 Provision for income taxes 1,308 1,444 162 (4) 2,910 Net income 5,407 5,139 645 (12) 11,179 Net income applicable to noncontrolling interests 165 — (15) — 150 Net income applicable to Morgan Stanley $ 5,242 $ 5,139 $ 660 $ (12) $ 11,029 Pre-tax margin 4 28 % 27 % 15 % N/M 26 % 1. Substantially all revenues are from contracts with customers. 2. Includes certain fees that may relate to services performed in prior periods. 3. The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. 4. Pre-tax margin represents income before provision for income taxes as a percentage of net revenues. 5.
Schedule of Detail of Investment Banking Revenues	Detail of Investment Banking Revenues $ in millions 2024 2023 2022 Institutional Securities—Advisory $ 2,378 $ 2,244 $ 2,946 Institutional Securities—Underwriting 3,792 2,334 2,289 Firm Investment banking revenues from contracts with customers 90 % 91 % 90 %
Schedule of Trading Revenues by Product Type	Trading Revenues by Product Type $ in millions 2024 2023 2022 Interest rate $ 5,901 $ 4,646 $ 2,808 Foreign exchange 1,170 1,054 1,585 Equity 1 9,005 8,929 7,515 Commodity and other 2,003 1,624 1,466 Credit (1,316) (990) 554 Total $ 16,763 $ 15,263 $ 13,928 1. Dividend income is included within equity contracts.
Schedule of Net Cumulative Unrealized Carried Interest and Reduction of Fees due to Fee Waivers	Investment Management Investments Revenues—Net Cumulative Unrealized Carried Interest $ in millions At At Net cumulative unrealized performance-based fees at risk of reversing $ 796 $ 787 Investment Management Asset Management Revenues—Reduction of Fees Due to Fee Waivers $ in millions 2024 2023 2022 Fee waivers $ 99 $ 93 $ 211
Schedule of Other Expenses - Transaction Taxes	Other Expenses—Transaction Taxes $ in millions 2024 2023 2022 Transaction taxes $ 926 $ 866 $ 910
Schedule of Net Revenues by Region	Net Revenues by Region $ in millions 2024 2023 2022 Americas $ 46,929 $ 41,651 $ 40,117 EMEA 7,197 6,058 6,811 Asia 7,635 6,434 6,740 Total $ 61,761 $ 54,143 $ 53,668
Schedule of Income from Continuing Operations before Income Tax Expense (Benefit)	Income before Provision for Income Taxes $ in millions 2024 2023 2022 U.S. $ 12,526 $ 8,334 $ 9,363 Non-U.S. 1 5,070 3,479 4,726 Total $ 17,596 $ 11,813 $ 14,089 1. Non-U.S. income is defined as income generated from operations located outside the U.S.
Schedule of Revenue Recognized from Prior Services	Revenues Recognized from Prior Services $ in millions 2024 2023 2022 Non-interest revenues $ 1,870 $ 1,778 $ 2,538
Schedule of Receivables from Contracts with Customers	Receivables from Contracts with Customers $ in millions At At Customer and other receivables $ 2,628 $ 2,339
Schedule of Assets by Business Segment	Assets by Business Segment $ in millions At At Institutional Securities $ 796,608 $ 810,506 Wealth Management 400,848 365,168 Investment Management 17,615 18,019 Total 1 $ 1,215,071 $ 1,193,693 1. Parent assets have been fully allocated to the business segments.
Schedule of Total Assets by Region	Total Assets by Region $ in millions At At Americas 893,170 $ 832,714 EMEA 179,187 218,923 Asia 142,714 142,056 Total $ 1,215,071 $ 1,193,693

Parent Company (Tables)

Parent Company (Tables)	12 Months Ended
	Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]
Schedule of Condensed Income Statements and Comprehensive Income Statements	Parent Company Only—Condensed Income Statement and Comprehensive Income Statement $ in millions 2024 2023 2022 Revenues Dividends from bank subsidiaries $ 5,571 $ 5,770 $ 2,875 Dividends from BHC and non-bank subsidiaries 5,229 6,812 8,661 Total dividends from subsidiaries 10,800 12,582 11,536 Trading (827) (775) (1,143) Other 36 (31) 170 Total non-interest revenues 10,009 11,776 10,563 Interest income 15,739 13,596 5,805 Interest expense 15,377 13,618 6,162 Net interest 362 (22) (357) Net revenues 10,371 11,754 10,206 Non-interest expenses 358 287 252 Income before income taxes 10,013 11,467 9,954 Provision for (benefit from) income taxes (499) (520) (456) Net income before undistributed gain of subsidiaries 10,512 11,987 10,410 Undistributed (loss) gain of subsidiaries 2,878 (2,900) 619 Net income 13,390 9,087 11,029 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments (324) 51 (202) Change in net unrealized gains (losses) on available-for-sale securities 521 1,098 (4,437) Pensions and other 12 (87) 43 Change in net debt valuation adjustment (551) (1,250) 1,449 Net change in cash flow hedges (51) 20 (4) Comprehensive income $ 12,997 $ 8,919 $ 7,878 Net income $ 13,390 $ 9,087 $ 11,029 Preferred stock dividends and other 590 557 489 Earnings applicable to Morgan Stanley common shareholders $ 12,800 $ 8,530 $ 10,540
Schedule of Condensed Balance Sheets	Parent Company Only—Condensed Balance Sheet $ in millions, except share data At At Assets Cash and cash equivalents $ 19,343 $ 16,881 Trading assets at fair value 3,944 4,160 Investment securities: Available-for-sale at fair value (amortized cost of $22,557 and $22,164; $11,816 and $10,179 were pledged to various parties) 22,100 21,515 Held-to-maturity (fair value of $12,050 and $14,093; $1,715 and $10,010 were pledged to various parties) 13,160 15,284 Securities purchased under agreement to resell to affiliates 26,730 24,693 Advances to subsidiaries: Bank and BHC 37,370 38,550 Non-bank 154,100 139,250 Equity investments in subsidiaries: Bank and BHC 60,904 58,949 Non-bank 51,100 50,291 Other assets 1,886 2,595 Total assets $ 390,637 $ 372,168 Liabilities Trading liabilities at fair value $ 100 $ 44 Securities sold under agreements to repurchase from affiliates 13,764 20,293 Payables to and advances from subsidiaries 87,124 73,370 Other liabilities and accrued expenses 3,011 2,539 Borrowings (includes $12,814 and $13,404 at fair value) 182,127 176,884 Total liabilities 286,126 273,130 Commitments and contingent liabilities (see Note 14) Equity Preferred stock 9,750 8,750 Common stock, $0.01 par value: Shares authorized: 3,500,000,000 ; Shares issued: 2,038,893,979 ; Shares outstanding: 1,606,653,706 and 1,626,828,437 20 20 Additional paid-in capital 30,179 29,832 Retained earnings 104,989 97,996 Employee stock trusts 5,103 5,314 Accumulated other comprehensive income (loss) (6,814) (6,421) Common stock held in treasury at cost, $0.01 par value ( 432,240,273 and 412,065,542 shares) (33,613) (31,139) Common stock issued to employee stock trusts (5,103) (5,314) Total shareholders’ equity 104,511 99,038 Total liabilities and equity $ 390,637 $ 372,168
Schedule of Condensed Cash Flow Statements	Parent Company Only—Condensed Cash Flow Statement $ in millions 2024 2023 2022 Net cash provided by (used for) operating activities $ 10,688 $ 24,914 $ (13,064) Cash flows from investing activities Proceeds from (payments for): AFS securities: Purchases (7,806) (9,362) (1,855) Proceeds from sales — 300 676 Proceeds from paydowns and maturities 7,444 5,479 3,814 HTM securities: Purchases (1,729) — (4,228) Proceeds from paydowns and maturities 4,402 4,003 3,434 Securities purchased under agreements to resell with affiliates (2,037) (1,706) (1,871) Securities sold under agreements to repurchase with affiliates (6,529) (8,389) 11,755 Advances to and investments in subsidiaries (15,191) (10,097) (10,574) Net cash provided by (used for) investing activities (21,446) (19,772) 1,151 Cash flows from financing activities Proceeds from: Issuance of preferred stock, net of issuance costs 995 — 994 Issuance of Borrowings 33,385 23,783 34,431 Payments for: Borrowings (24,500) (22,554) (14,441) Repurchases of common stock and employee tax withholdings (4,161) (6,178) (10,871) Cash dividends (6,138) (5,763) (5,401) Net change in advances from subsidiaries 13,839 (3,029) 16,707 Net cash provided by (used for) financing activities 13,420 (13,741) 21,419 Effect of exchange rate changes on cash and cash equivalents (200) 147 485 Net increase (decrease) in cash and cash equivalents 2,462 (8,452) 9,991 Cash and cash equivalents, at beginning of period 16,881 25,333 15,342 Cash and cash equivalents, at end of period $ 19,343 $ 16,881 $ 25,333 Cash and cash equivalents: Cash and due from banks $ 66 $ 107 $ 75 Deposits with bank subsidiaries 19,277 16,774 25,258 Cash and cash equivalents, at end of period $ 19,343 $ 16,881 $ 25,333 Restricted cash $ 1,086 $ 1,086 $ 836 Supplemental Disclosure of Cash Flow Information Cash payments for: Interest $ 15,971 $ 14,437 $ 5,955 Income taxes, net of refunds 1 798 599 3,132 1. Represents total payments, net of refunds, made to various tax authorities and includes taxes paid on behalf of certain subsidiaries that are subsequently settled between the Parent Company and these subsidiaries. The settlements received from subsidiaries were $1.6 billion, $1.6 billion and $2.6 billion for 2024, 2023 and 2022, respectively.
Schedule of Borrowings with Original Maturities Greater than One Year	Parent Company’s Borrowings with Original Maturities Greater than One Year $ in millions At At Senior $ 168,413 $ 164,514 Subordinated 13,713 12,370 Total $ 182,126 $ 176,884
Schedule of Obligations under Guarantee Arrangements	Guarantees of Debt Instruments and Warrants Issued by Subsidiaries $ in millions At At Aggregate balance $ 70,662 $ 60,942 Guarantees under Subsidiary Lease Obligations $ in millions At At Aggregate balance 1 $ 628 $ 632 1. Amounts primarily relate to the U.K.

Significant Accounting Polici_4

Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jan. 01, 2024
Accounting Policies [Line Items]
Interest income	[1]	$ 54,135	$ 45,849	$ 21,595
Decrease in retained earnings		$ (104,989)	(97,996)
Revision of Prior Period, Adjustment | IS
Accounting Policies [Line Items]
Interest income			$ (4,432)
Adjustment
Accounting Policies [Line Items]
Decrease in retained earnings					$ 60
Minimum
Accounting Policies [Line Items]
Effectiveness to benchmark interest rate (as a percent)		80%
Maximum
Accounting Policies [Line Items]
Effectiveness to benchmark interest rate (as a percent)		125%
Buildings
Accounting Policies [Line Items]
Estimated useful lives		39 years
Leasehold improvements—Building | Maximum
Accounting Policies [Line Items]
Estimated useful lives		25 years
Leasehold improvements—Other | Maximum
Accounting Policies [Line Items]
Estimated useful lives		15 years
Furniture and fixtures
Accounting Policies [Line Items]
Estimated useful lives		7 years
Computer and communications equipment | Minimum
Accounting Policies [Line Items]
Estimated useful lives		3 years
Computer and communications equipment | Maximum
Accounting Policies [Line Items]
Estimated useful lives		9 years
Power generation assets | Minimum
Accounting Policies [Line Items]
Estimated useful lives		15 years
Power generation assets | Maximum
Accounting Policies [Line Items]
Estimated useful lives		29 years
Capitalized software costs | Minimum
Accounting Policies [Line Items]
Estimated useful lives		2 years
Capitalized software costs | Maximum
Accounting Policies [Line Items]
Estimated useful lives		10 years
[1]amounts have been adjusted to conform with the current period presentation. See Note 2 for additional information.

Cash and Cash Equivalents - Sum

Cash and Cash Equivalents - Summary (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Cash and due from banks	$ 4,436	$ 7,323
Interest bearing deposits with banks	100,950	81,909
Total Cash and cash equivalents	105,386	89,232
Restricted cash	$ 29,643	$ 30,571

Fair Values - Assets and Liabil

Fair Values - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Assets at fair value
Derivative and other contracts	$ 38,569	$ 37,313
Investment securities	149,811	145,566
Total trading assets	331,884	367,074
Available-for-sale, fair value	98,608	88,113
Securities purchased under agreements to resell	0	7
Liabilities at fair value
Deposits	6,499	6,472
Derivative and other contracts	37,930	35,275
Securities sold under agreements to repurchase	956	1,020
Other secured financings	14,088	9,899
Borrowings	103,332	93,900
State and municipal securities
Assets at fair value
Available-for-sale, fair value	1,387	1,173
Recurring
Assets at fair value
Netting	(40,835)	(42,915)
Liabilities at fair value
Netting	(44,953)	(42,757)
Borrowings	103,332	93,900
Recurring | Interest rate
Liabilities at fair value
Borrowings	34,451	31,055
Recurring | Credit
Liabilities at fair value
Borrowings	3,306	2,400
Recurring | Foreign exchange
Liabilities at fair value
Borrowings	1,602	1,574
Recurring | Equity
Liabilities at fair value
Borrowings	49,144	46,073
Recurring | Commodity and other
Liabilities at fair value
Borrowings	14,829	12,798
Recurring | Loans and lending commitments
Assets at fair value
Trading assets	8,661	8,188
Recurring | Total
Assets at fair value
Derivative and other contracts	38,569	37,313
Netting	(299,722)	(289,137)
Investment securities	2,495	2,566
Physical commodities	1,229	736
Total trading assets	325,678	361,550
Available-for-sale, fair value	98,608	88,113
Securities purchased under agreements to resell		7
Total assets at fair value	424,286	449,670
Liabilities at fair value
Deposits	6,499	6,472
Trading liabilities	153,764	151,512
Derivative and other contracts	37,930	35,275
Netting	(303,840)	(288,979)
Securities sold under agreements to repurchase	956	1,020
Other secured financings	14,088	9,899
Borrowings	103,332	93,900
Total liabilities at fair value	278,639	262,803
Recurring | Total | Interest rate
Assets at fair value
Derivative and other contracts	128,806	148,207
Liabilities at fair value
Derivative and other contracts	118,190	138,840
Recurring | Total | Credit
Assets at fair value
Derivative and other contracts	9,150	10,637
Liabilities at fair value
Derivative and other contracts	9,572	11,092
Recurring | Total | Foreign exchange
Assets at fair value
Derivative and other contracts	108,722	93,250
Liabilities at fair value
Derivative and other contracts	104,971	90,361
Recurring | Total | Equity
Assets at fair value
Derivative and other contracts	75,682	58,075
Liabilities at fair value
Derivative and other contracts	95,474	68,894
Recurring | Total | Commodity and other
Assets at fair value
Derivative and other contracts	15,931	16,281
Liabilities at fair value
Derivative and other contracts	13,563	15,067
Recurring | Total | U.S. Treasury and agency securities
Liabilities at fair value
Trading liabilities	21,508	27,724
Recurring | Total | Other sovereign government obligations
Liabilities at fair value
Trading liabilities	24,520	30,790
Recurring | Total | Corporate and other debt
Liabilities at fair value
Trading liabilities	9,043	10,569
Recurring | Total | Corporate equities
Liabilities at fair value
Trading liabilities	60,763	47,154
Recurring | Total | U.S. Treasury and agency securities
Assets at fair value
Trading assets	98,768	110,200
Recurring | Total | Other sovereign government obligations
Assets at fair value
Trading assets	35,165	32,620
Recurring | Total | State and municipal securities
Assets at fair value
Trading assets	2,993	2,182
Recurring | Total | MABS
Assets at fair value
Trading assets	2,512	2,029
Recurring | Total | Loans and lending commitments
Assets at fair value
Trading assets	8,661	8,188
Recurring | Total | Corporate and other debt
Assets at fair value
Trading assets	31,652	37,816
Recurring | Total | Corporate equities
Assets at fair value
Equity securities	103,634	127,900
Recurring | Level 1
Assets at fair value
Derivative and other contracts	1,818	3,430
Netting	(6,471)	(7,643)
Investment securities	808	781
Physical commodities	0	0
Total trading assets	185,115	210,022
Available-for-sale, fair value	69,834	57,405
Securities purchased under agreements to resell		0
Total assets at fair value	254,949	267,427
Liabilities at fair value
Deposits	0	0
Trading liabilities	104,875	105,852
Derivative and other contracts	1,993	4,506
Netting	(6,471)	(7,643)
Securities sold under agreements to repurchase	0	0
Other secured financings	0	0
Borrowings	0	0
Total liabilities at fair value	104,875	105,852
Recurring | Level 1 | Interest rate
Assets at fair value
Derivative and other contracts	4,154	7,284
Liabilities at fair value
Derivative and other contracts	3,615	8,000
Recurring | Level 1 | Credit
Assets at fair value
Derivative and other contracts	0	0
Liabilities at fair value
Derivative and other contracts	0	0
Recurring | Level 1 | Foreign exchange
Assets at fair value
Derivative and other contracts	65	12
Liabilities at fair value
Derivative and other contracts	147	96
Recurring | Level 1 | Equity
Assets at fair value
Derivative and other contracts	2,704	2,169
Liabilities at fair value
Derivative and other contracts	3,241	2,411
Recurring | Level 1 | Commodity and other
Assets at fair value
Derivative and other contracts	1,366	1,608
Liabilities at fair value
Derivative and other contracts	1,461	1,642
Recurring | Level 1 | U.S. Treasury and agency securities
Liabilities at fair value
Trading liabilities	21,505	27,708
Recurring | Level 1 | Other sovereign government obligations
Liabilities at fair value
Trading liabilities	20,724	26,829
Recurring | Level 1 | Corporate and other debt
Liabilities at fair value
Trading liabilities	0	0
Recurring | Level 1 | Corporate equities
Liabilities at fair value
Trading liabilities	60,653	46,809
Recurring | Level 1 | U.S. Treasury and agency securities
Assets at fair value
Trading assets	54,436	56,459
Recurring | Level 1 | Other sovereign government obligations
Assets at fair value
Trading assets	25,179	22,580
Recurring | Level 1 | State and municipal securities
Assets at fair value
Trading assets	0	0
Recurring | Level 1 | MABS
Assets at fair value
Trading assets	0	0
Recurring | Level 1 | Loans and lending commitments
Assets at fair value
Trading assets	0	0
Recurring | Level 1 | Corporate and other debt
Assets at fair value
Trading assets	0	0
Recurring | Level 1 | Corporate equities
Assets at fair value
Equity securities	102,874	126,772
Recurring | Level 2
Assets at fair value
Derivative and other contracts	74,260	73,285
Netting	(251,771)	(237,497)
Investment securities	933	836
Physical commodities	1,229	736
Total trading assets	174,549	185,116
Available-for-sale, fair value	28,774	30,708
Securities purchased under agreements to resell		7
Total assets at fair value	203,323	215,831
Liabilities at fair value
Deposits	6,498	6,439
Trading liabilities	91,199	84,690
Derivative and other contracts	78,357	69,859
Netting	(251,771)	(237,497)
Securities sold under agreements to repurchase	512	571
Other secured financings	14,012	9,807
Borrowings	102,385	92,022
Total liabilities at fair value	214,606	193,529
Recurring | Level 2 | Interest rate
Assets at fair value
Derivative and other contracts	124,309	140,139
Liabilities at fair value
Derivative and other contracts	114,179	129,983
Recurring | Level 2 | Credit
Assets at fair value
Derivative and other contracts	8,783	10,244
Liabilities at fair value
Derivative and other contracts	9,302	10,795
Recurring | Level 2 | Foreign exchange
Assets at fair value
Derivative and other contracts	108,037	93,218
Liabilities at fair value
Derivative and other contracts	104,793	89,880
Recurring | Level 2 | Equity
Assets at fair value
Derivative and other contracts	72,532	55,319
Liabilities at fair value
Derivative and other contracts	90,639	64,794
Recurring | Level 2 | Commodity and other
Assets at fair value
Derivative and other contracts	12,370	11,862
Liabilities at fair value
Derivative and other contracts	11,215	11,904
Recurring | Level 2 | U.S. Treasury and agency securities
Liabilities at fair value
Trading liabilities	3	16
Recurring | Level 2 | Other sovereign government obligations
Liabilities at fair value
Trading liabilities	3,712	3,955
Recurring | Level 2 | Corporate and other debt
Liabilities at fair value
Trading liabilities	9,032	10,560
Recurring | Level 2 | Corporate equities
Liabilities at fair value
Trading liabilities	95	300
Recurring | Level 2 | U.S. Treasury and agency securities
Assets at fair value
Trading assets	44,332	53,741
Recurring | Level 2 | Other sovereign government obligations
Assets at fair value
Trading assets	9,969	9,946
Recurring | Level 2 | State and municipal securities
Assets at fair value
Trading assets	2,993	2,148
Recurring | Level 2 | MABS
Assets at fair value
Trading assets	2,231	1,540
Recurring | Level 2 | Loans and lending commitments
Assets at fair value
Trading assets	7,602	6,122
Recurring | Level 2 | Corporate and other debt
Assets at fair value
Trading assets	30,394	35,833
Recurring | Level 2 | Corporate equities
Assets at fair value
Equity securities	606	929
Recurring | Level 3
Assets at fair value
Equity securities	154	199
Derivative and other contracts	3,326	3,513
Netting	(645)	(1,082)
Investment securities	754	949
Physical commodities	0	0
Total trading assets	6,849	9,327
Available-for-sale, fair value	0	0
Securities purchased under agreements to resell		0
Total assets at fair value	6,849	9,327
Liabilities at fair value
Deposits	1	33
Trading liabilities	2,643	3,727
Derivative and other contracts	2,533	3,667
Netting	(645)	(1,082)
Securities sold under agreements to repurchase	444	449
Other secured financings	76	92
Borrowings	947	1,878
Total liabilities at fair value	4,111	6,179
Recurring | Level 3 | Interest rate
Assets at fair value
Derivative and other contracts	343	784
Liabilities at fair value
Derivative and other contracts	396	857
Recurring | Level 3 | Credit
Assets at fair value
Derivative and other contracts	367	393
Liabilities at fair value
Derivative and other contracts	270	297
Recurring | Level 3 | Foreign exchange
Assets at fair value
Derivative and other contracts	620	20
Liabilities at fair value
Derivative and other contracts	31	385
Recurring | Level 3 | Equity
Assets at fair value
Derivative and other contracts	446	587
Liabilities at fair value
Derivative and other contracts	1,594	1,689
Recurring | Level 3 | Commodity and other
Assets at fair value
Derivative and other contracts	2,195	2,811
Liabilities at fair value
Derivative and other contracts	887	1,521
Recurring | Level 3 | U.S. Treasury and agency securities
Liabilities at fair value
Trading liabilities	0	0
Recurring | Level 3 | Other sovereign government obligations
Liabilities at fair value
Trading liabilities	84	6
Recurring | Level 3 | Corporate and other debt
Liabilities at fair value
Trading liabilities	11	9
Recurring | Level 3 | Corporate equities
Liabilities at fair value
Trading liabilities	15	45
Recurring | Level 3 | U.S. Treasury and agency securities
Assets at fair value
Trading assets	0	0
Recurring | Level 3 | Other sovereign government obligations
Assets at fair value
Trading assets	17	94
Recurring | Level 3 | State and municipal securities
Assets at fair value
Trading assets	0	34
Recurring | Level 3 | MABS
Assets at fair value
Trading assets	281	489
Recurring | Level 3 | Loans and lending commitments
Assets at fair value
Trading assets	1,059	2,066
Recurring | Level 3 | Corporate and other debt
Assets at fair value
Trading assets	1,258	1,983
Recurring | Level 3 | Corporate equities
Assets at fair value
Equity securities	$ 154	$ 199

Fair Values - Detail of Loans a

Fair Values - Detail of Loans and Lending Commitments at Fair Value and Unsettled Fair Value of Futures Contracts (Details) - Recurring - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Loans and lending commitments
Fair Value Measurements
Trading assets	$ 8,661	$ 8,188
Loans and lending commitments | Commercial real estate
Fair Value Measurements
Trading assets	498	422
Loans and lending commitments | Residential real estate
Fair Value Measurements
Trading assets	1,922	2,909
Loans and lending commitments | Securities-based lending and Other loans
Fair Value Measurements
Trading assets	6,241	4,857
Futures Contracts
Fair Value Measurements
Derivative assets, unsettled fair value	$ 1,914	$ 1,062

Fair Values - Activity of Level

Fair Values - Activity of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Liabilities at Fair Value
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Liability, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Net change in Accumulated other comprehensive income (loss)	Net change in Accumulated other comprehensive income (loss)	Net change in Accumulated other comprehensive income (loss)
Recurring | Level 3
Liabilities at Fair Value
Portion of unrealized losses (gains) recorded in OCI—Change in net DVA	$ 7	$ 29	$ (35)
Recurring | Level 3 | Deposits
Liabilities at Fair Value
Beginning balance	33	20	67
Realized and unrealized losses (gains)	0	1	0
Issuances	0	25	11
Settlements	0	0	(3)
Net transfers	(32)	(13)	(55)
Ending balance	1	33	20
Unrealized losses (gains)	0	1	0
Recurring | Level 3 | Nonderivative trading liabilities
Liabilities at Fair Value
Beginning balance	60	74	61
Realized and unrealized losses (gains)	(27)	8	(86)
Purchases	(27)	(38)	(35)
Sales	101	22	93
Net transfers	3	(6)	41
Ending balance	110	60	74
Unrealized losses (gains)	(21)	8	17
Recurring | Level 3 | Securities sold under agreements to repurchase
Liabilities at Fair Value
Beginning balance	449	512	651
Realized and unrealized losses (gains)	(5)	2	(8)
Issuances	0	1	17
Settlements	0	(9)	(22)
Net transfers	0	(57)	(126)
Ending balance	444	449	512
Unrealized losses (gains)	(5)	2	0
Recurring | Level 3 | Other secured financings
Liabilities at Fair Value
Beginning balance	92	91	403
Realized and unrealized losses (gains)	(14)	5	(6)
Sales	21	0	0
Issuances	112	83	39
Settlements	(113)	(99)	(342)
Net transfers	20	12	(3)
Ending balance	76	92	91
Unrealized losses (gains)	(14)	5	(6)
Recurring | Level 3 | Borrowings
Liabilities at Fair Value
Beginning balance	1,878	1,587	2,157
Realized and unrealized losses (gains)	4	219	(133)
Issuances	288	708	513
Settlements	(255)	(391)	(285)
Net transfers	(968)	(245)	(665)
Ending balance	947	1,878	1,587
Unrealized losses (gains)	16	182	(138)
Recurring | Level 3 | Interest rate
Assets at Fair value
Beginning balance	(73)	(151)	708
Realized and unrealized gains (losses)	126	(336)	(643)
Purchases	59	140	1
Issuances	(9)	(43)	0
Settlements	(175)	241	(92)
Net transfers	19	76	(125)
Ending balance	(53)	(73)	(151)
Unrealized gains (losses)	(53)	(210)	(327)
Recurring | Level 3 | Credit
Assets at Fair value
Beginning balance	96	110	98
Realized and unrealized gains (losses)	(30)	5	84
Purchases	0	0	5
Issuances	0	0	(10)
Settlements	32	(21)	(61)
Net transfers	(1)	2	(6)
Ending balance	97	96	110
Unrealized gains (losses)	(47)	2	70
Recurring | Level 3 | Foreign exchange
Assets at Fair value
Beginning balance	(365)	66	52
Realized and unrealized gains (losses)	874	(290)	(8)
Purchases	0	0	1
Issuances	0	(1)	0
Settlements	(25)	(15)	(46)
Net transfers	105	(125)	67
Ending balance	589	(365)	66
Unrealized gains (losses)	728	(277)	43
Recurring | Level 3 | Equity
Assets at Fair value
Beginning balance	(1,102)	(736)	(945)
Realized and unrealized gains (losses)	225	(91)	201
Purchases	214	221	77
Issuances	(710)	(572)	(339)
Settlements	132	87	348
Net transfers	93	(11)	(78)
Ending balance	(1,148)	(1,102)	(736)
Unrealized gains (losses)	308	(201)	328
Recurring | Level 3 | Commodity and other
Assets at Fair value
Beginning balance	1,290	1,083	1,529
Realized and unrealized gains (losses)	(1,361)	910	315
Purchases	87	78	185
Issuances	(153)	(136)	(210)
Settlements	1,336	(701)	(510)
Net transfers	109	56	(226)
Ending balance	1,308	1,290	1,083
Unrealized gains (losses)	(142)	243	(935)
Recurring | Level 3 | U.S. Treasury and agency securities
Assets at Fair value
Beginning balance	0	17	2
Realized and unrealized gains (losses)	0	0	(3)
Purchases	0	0	14
Sales	0	(10)	(1)
Net transfers	0	(7)	5
Ending balance	0	0	17
Unrealized gains (losses)	0	0	(1)
Recurring | Level 3 | Other sovereign government obligations
Assets at Fair value
Beginning balance	94	169	211
Realized and unrealized gains (losses)	(12)	5	(5)
Purchases	4	38	116
Sales	0	(86)	(107)
Net transfers	(69)	(32)	(46)
Ending balance	17	94	169
Unrealized gains (losses)	(9)	2	(14)
Recurring | Level 3 | State and municipal securities
Assets at Fair value
Beginning balance	34	145	13
Realized and unrealized gains (losses)	0	0	(4)
Purchases	0	9	91
Sales	(29)	(6)	(82)
Net transfers	(5)	(114)	127
Ending balance	0	34	145
Unrealized gains (losses)	0	0	0
Recurring | Level 3 | MABS
Assets at Fair value
Beginning balance	489	416	344
Realized and unrealized gains (losses)	9	(2)	(342)
Purchases	83	232	511
Sales	(121)	(165)	(130)
Net transfers	(179)	8	33
Ending balance	281	489	416
Unrealized gains (losses)	(16)	(14)	2
Recurring | Level 3 | Loans and lending commitments
Assets at Fair value
Beginning balance	2,066	2,017	3,806
Realized and unrealized gains (losses)	(15)	(189)	(80)
Purchases and originations	235	1,502	793
Sales	(674)	(477)	(740)
Settlements	(221)	(843)	(1,526)
Net transfers	(332)	56	(236)
Ending balance	1,059	2,066	2,017
Unrealized gains (losses)	(15)	(76)	29
Recurring | Level 3 | Corporate and other debt
Assets at Fair value
Beginning balance	1,983	2,096	1,973
Realized and unrealized gains (losses)	(72)	145	456
Purchases and originations	602	623	1,165
Sales	(631)	(664)	(1,889)
Settlements	(84)	(33)	(27)
Net transfers	(540)	(184)	418
Ending balance	1,258	1,983	2,096
Unrealized gains (losses)	55	(10)	160
Recurring | Level 3 | Corporate equities
Assets at Fair value
Beginning balance	199	116	115
Realized and unrealized gains (losses)	(119)	12	(97)
Purchases	40	85	73
Sales	(16)	(41)	(22)
Net transfers	50	27	47
Ending balance	154	199	116
Unrealized gains (losses)	(44)	19	11
Recurring | Level 3 | Investments
Assets at Fair value
Beginning balance	949	923	1,125
Realized and unrealized gains (losses)	33	35	(409)
Purchases	62	158	63
Sales	(288)	(183)	(107)
Net transfers	(2)	16	251
Ending balance	754	949	923
Unrealized gains (losses)	(32)	27	(397)
Recurring | Level 3 | Investment securities—AFS
Assets at Fair value
Beginning balance	0	35	0
Realized and unrealized gains (losses)	0	0	(3)
Sales	0	(32)	0
Net transfers	0	(3)	38
Ending balance	0	0	35
Unrealized gains (losses)	$ 0	$ 0	$ (3)

Fair Values - Valuation Techniq

Fair Values - Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements (Details) $ in Millions	Dec. 31, 2024 USD ($) $ / MWh	Dec. 31, 2023 USD ($) $ / MWh
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets	$ 38,569	$ 37,313
Securities sold under agreements to repurchase	956	1,020
Other secured financings	21,602	12,655
Borrowings	103,332	93,900
Recurring
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Borrowings	103,332	93,900
Recurring | Loans and lending commitments
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Debt securities, trading assets	8,661	8,188
Nonrecurring
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Loans	6,125	8,747
Level 3 | Recurring
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Corporate equities	154	199
Investments	754	949
Derivative assets	3,326	3,513
Securities sold under agreements to repurchase	444	449
Other secured financings	76	92
Borrowings	$ 947	$ 1,878
Level 3 | Recurring | Comparable Pricing | Equity Price
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Corporate equities, measurement input value	1	1
Level 3 | Recurring | Market Approach | EBITDA Multiple
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Investments, measurement input value	20	22
Level 3 | Recurring | Other sovereign government obligations
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Debt securities, trading assets	$ 17	$ 94
Level 3 | Recurring | Other sovereign government obligations | Comparable Pricing | Bond Price
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Debt securities, trading assets, measurement input value		0.61
Level 3 | Recurring | MABS
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Debt securities, trading assets	281	$ 489
Level 3 | Recurring | Loans and lending commitments
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Debt securities, trading assets	1,059	2,066
Level 3 | Recurring | Corporate and other debt
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Debt securities, trading assets	1,258	1,983
Level 3 | Recurring | Interest rate
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets	(53)	(73)
Level 3 | Recurring | Credit
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets	$ 97	$ 96
Level 3 | Recurring | Credit | Credit Default Swap Model | Cash-Synthetic Basis
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	0.0007	0.0007
Level 3 | Recurring | Foreign exchange
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets	$ 589	$ (365)
Level 3 | Recurring | Equity
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets	(1,148)	(1,102)
Level 3 | Recurring | Commodity and other
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets	$ 1,308	$ 1,290
Level 3 | Recurring | Minimum | Comparable Pricing | Loan Price
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Other secured financings, measurement input value	0	22
Level 3 | Recurring | Minimum | Comparable Pricing | Equity Price
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Investments, measurement input value	0.24	0.24
Level 3 | Recurring | Minimum | Discounted Cash Flow | WACC
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Investments, measurement input value	0.12	0.16
Level 3 | Recurring | Minimum | Discounted Cash Flow | Exit Multiple
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Investments, measurement input value	9	9
Level 3 | Recurring | Minimum | Discounted Cash Flow | Funding Spread
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Securities sold under agreement to repurchase, measurement input value	0.0011	0.0028
Level 3 | Recurring | Minimum | Option Model | IR Curve Correlation
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Borrowings, measurement input value		0.50
Level 3 | Recurring | Minimum | Option Model | Equity Volatility
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Borrowings, measurement input value	0.07	0.06
Level 3 | Recurring | Minimum | Option Model | Equity Volatility Skew
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Borrowings, measurement input value	(0.02)	(0.02)
Level 3 | Recurring | Minimum | Option Model | Equity Correlation
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Borrowings, measurement input value	0.53	0.41
Level 3 | Recurring | Minimum | Option Model | Equity - FX Correlation
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Borrowings, measurement input value	(0.52)	(0.65)
Level 3 | Recurring | Minimum | Credit Default Swap Model | Credit Spread
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Borrowings, measurement input value	0.0247
Level 3 | Recurring | Minimum | Other sovereign government obligations | Comparable Pricing | Bond Price
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Debt securities, trading assets, measurement input value	0.45
Level 3 | Recurring | Minimum | MABS | Comparable Pricing | Bond Price
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Debt securities, trading assets, measurement input value	0.27	0
Level 3 | Recurring | Minimum | Loans and lending commitments | Comparable Pricing | Loan Price
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Debt securities, trading assets, measurement input value	0.49	85
Level 3 | Recurring | Minimum | Loans and lending commitments | Margin Loan Model | Margin Loan Rate
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Debt securities, trading assets, measurement input value	0.01	0.02
Level 3 | Recurring | Minimum | Corporate and other debt | Comparable Pricing | Bond Price
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Debt securities, trading assets, measurement input value	0.28	28
Level 3 | Recurring | Minimum | Corporate and other debt | Discounted Cash Flow | Loss given default
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Debt securities, trading assets, measurement input value	0.54	0.54
Borrowings, measurement input value	0.54	0.54
Level 3 | Recurring | Minimum | Interest rate | Option Model | IR Volatility Skew
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	0.72	0.70
Level 3 | Recurring | Minimum | Interest rate | Option Model | IR Curve Correlation
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	0.28	0.49
Level 3 | Recurring | Minimum | Interest rate | Option Model | Bond volatility
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	0.78	0.79
Level 3 | Recurring | Minimum | Interest rate | Option Model | Inflation Volatility
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	0.30	0.27
Level 3 | Recurring | Minimum | Credit | Credit Default Swap Model | Bond Price
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	0	0
Level 3 | Recurring | Minimum | Credit | Credit Default Swap Model | Credit Spread
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	0.0010	10
Level 3 | Recurring | Minimum | Credit | Credit Default Swap Model | Funding Spread
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	0.0010	18
Level 3 | Recurring | Minimum | Foreign exchange | Option Model | IR Curve
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	0.05	(0.04)
Level 3 | Recurring | Minimum | Foreign exchange | Option Model | Foreign Exchange Volatility Skew
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value		(0.03)
Level 3 | Recurring | Minimum | Foreign exchange | Option Model | Contingency Probability
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	0.90	0.95
Level 3 | Recurring | Minimum | Equity | Option Model | Equity Volatility
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	0.07	0.06
Level 3 | Recurring | Minimum | Equity | Option Model | Equity Volatility Skew
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	(0.02)	(0.01)
Level 3 | Recurring | Minimum | Equity | Option Model | Equity Correlation
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	0.20	0.25
Level 3 | Recurring | Minimum | Equity | Option Model | FX Correlation
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	(0.68)	(0.79)
Level 3 | Recurring | Minimum | Equity | Option Model | IR Correlation
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value		0.10
Level 3 | Recurring | Minimum | Commodity and other | Option Model | Forward Power Price
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value | $ / MWh	0	0
Level 3 | Recurring | Minimum | Commodity and other | Option Model | Commodity Volatility
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	0	0.08
Level 3 | Recurring | Minimum | Commodity and other | Option Model | Cross-Commodity Correlation
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	0.54	0.54
Level 3 | Recurring | Maximum | Comparable Pricing | Loan Price
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Other secured financings, measurement input value	0.0100	101
Level 3 | Recurring | Maximum | Comparable Pricing | Equity Price
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Investments, measurement input value	1	1
Level 3 | Recurring | Maximum | Discounted Cash Flow | WACC
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Investments, measurement input value	0.21	0.18
Level 3 | Recurring | Maximum | Discounted Cash Flow | Exit Multiple
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Investments, measurement input value	10	17
Level 3 | Recurring | Maximum | Discounted Cash Flow | Funding Spread
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Securities sold under agreement to repurchase, measurement input value	0.0102	0.0135
Level 3 | Recurring | Maximum | Option Model | IR Curve Correlation
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Borrowings, measurement input value		0.89
Level 3 | Recurring | Maximum | Option Model | Equity Volatility
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Borrowings, measurement input value	0.71	0.69
Level 3 | Recurring | Maximum | Option Model | Equity Volatility Skew
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Borrowings, measurement input value	0	0
Level 3 | Recurring | Maximum | Option Model | Equity Correlation
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Borrowings, measurement input value	0.64	0.97
Level 3 | Recurring | Maximum | Option Model | Equity - FX Correlation
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Borrowings, measurement input value	0.24	0.40
Level 3 | Recurring | Maximum | Credit Default Swap Model | Credit Spread
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Borrowings, measurement input value	0.0433
Level 3 | Recurring | Maximum | Other sovereign government obligations | Comparable Pricing | Bond Price
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Debt securities, trading assets, measurement input value	1.04	1.10
Level 3 | Recurring | Maximum | MABS | Comparable Pricing | Bond Price
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Debt securities, trading assets, measurement input value	0.98	0.88
Level 3 | Recurring | Maximum | Loans and lending commitments | Comparable Pricing | Loan Price
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Debt securities, trading assets, measurement input value	1.02	102
Level 3 | Recurring | Maximum | Loans and lending commitments | Margin Loan Model | Margin Loan Rate
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Debt securities, trading assets, measurement input value	0.04	0.04
Level 3 | Recurring | Maximum | Corporate and other debt | Comparable Pricing | Bond Price
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Debt securities, trading assets, measurement input value	1.30	135
Level 3 | Recurring | Maximum | Corporate and other debt | Discounted Cash Flow | Loss given default
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Debt securities, trading assets, measurement input value	0.84	0.84
Borrowings, measurement input value	0.84	0.84
Level 3 | Recurring | Maximum | Interest rate | Option Model | IR Volatility Skew
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	0.97	1
Level 3 | Recurring | Maximum | Interest rate | Option Model | IR Curve Correlation
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	0.99	0.99
Level 3 | Recurring | Maximum | Interest rate | Option Model | Bond volatility
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	1.48	0.85
Level 3 | Recurring | Maximum | Interest rate | Option Model | Inflation Volatility
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	0.68	0.70
Level 3 | Recurring | Maximum | Credit | Credit Default Swap Model | Bond Price
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	0.0090	92
Level 3 | Recurring | Maximum | Credit | Credit Default Swap Model | Credit Spread
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	0.0360	404
Level 3 | Recurring | Maximum | Credit | Credit Default Swap Model | Funding Spread
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	0.0590	590
Level 3 | Recurring | Maximum | Foreign exchange | Option Model | IR Curve
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	0.10	0.26
Level 3 | Recurring | Maximum | Foreign exchange | Option Model | Foreign Exchange Volatility Skew
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value		0.12
Level 3 | Recurring | Maximum | Foreign exchange | Option Model | Contingency Probability
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	0.95
Level 3 | Recurring | Maximum | Equity | Option Model | Equity Volatility
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	0.98	0.97
Level 3 | Recurring | Maximum | Equity | Option Model | Equity Volatility Skew
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	0	0
Level 3 | Recurring | Maximum | Equity | Option Model | Equity Correlation
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	0.94	0.97
Level 3 | Recurring | Maximum | Equity | Option Model | FX Correlation
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	0.60	0.40
Level 3 | Recurring | Maximum | Equity | Option Model | IR Correlation
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value		0.30
Level 3 | Recurring | Maximum | Commodity and other | Option Model | Forward Power Price
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value | $ / MWh	185	220
Level 3 | Recurring | Maximum | Commodity and other | Option Model | Commodity Volatility
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	1.65	1.23
Level 3 | Recurring | Maximum | Commodity and other | Option Model | Cross-Commodity Correlation
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	1	1
Level 3 | Recurring | Weighted Average | Comparable Pricing | Loan Price
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Other secured financings, measurement input value	0.0033	76
Level 3 | Recurring | Weighted Average | Comparable Pricing | Equity Price
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Investments, measurement input value	0.84	0.86
Level 3 | Recurring | Weighted Average | Discounted Cash Flow | WACC
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Investments, measurement input value	0.16	0.17
Level 3 | Recurring | Weighted Average | Discounted Cash Flow | Exit Multiple
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Investments, measurement input value	10	15
Level 3 | Recurring | Weighted Average | Discounted Cash Flow | Funding Spread
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Securities sold under agreement to repurchase, measurement input value		0.0079
Level 3 | Recurring | Weighted Average | Option Model | Equity Volatility
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Borrowings, measurement input value	0.21	0.13
Level 3 | Recurring | Weighted Average | Option Model | Equity Volatility Skew
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Borrowings, measurement input value	0	0
Level 3 | Recurring | Weighted Average | Option Model | Equity Correlation
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Borrowings, measurement input value	0.58	0.79
Level 3 | Recurring | Weighted Average | Option Model | Equity - FX Correlation
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Borrowings, measurement input value	(0.12)	(0.30)
Level 3 | Recurring | Weighted Average | Credit Default Swap Model | Credit Spread
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Borrowings, measurement input value	0.0340
Level 3 | Recurring | Weighted Average | Other sovereign government obligations | Comparable Pricing | Bond Price
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Debt securities, trading assets, measurement input value	0.75	0.87
Level 3 | Recurring | Weighted Average | MABS | Comparable Pricing | Bond Price
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Debt securities, trading assets, measurement input value	0.67	0.61
Level 3 | Recurring | Weighted Average | Loans and lending commitments | Comparable Pricing | Loan Price
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Debt securities, trading assets, measurement input value	0.90	98
Level 3 | Recurring | Weighted Average | Loans and lending commitments | Margin Loan Model | Margin Loan Rate
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Debt securities, trading assets, measurement input value	0.03	0.03
Level 3 | Recurring | Weighted Average | Corporate and other debt | Comparable Pricing | Bond Price
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Debt securities, trading assets, measurement input value	0.83	82
Level 3 | Recurring | Weighted Average | Credit | Credit Default Swap Model | Bond Price
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	0.0048	46
Level 3 | Recurring | Weighted Average | Credit | Credit Default Swap Model | Credit Spread
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	0.0090	94
Level 3 | Recurring | Weighted Average | Credit | Credit Default Swap Model | Funding Spread
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	0.0076	67
Level 3 | Recurring | Weighted Average | Equity | Option Model | Equity Volatility
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	0.20	0.23
Level 3 | Recurring | Weighted Average | Equity | Option Model | Equity Volatility Skew
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	(0.01)	0
Level 3 | Recurring | Weighted Average | Equity | Option Model | Equity Correlation
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	0.58	0.49
Level 3 | Recurring | Weighted Average | Equity | Option Model | FX Correlation
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	(0.36)	(0.28)
Level 3 | Recurring | Weighted Average | Commodity and other | Option Model | Forward Power Price
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value | $ / MWh	48	49
Level 3 | Recurring | Weighted Average | Commodity and other | Option Model | Commodity Volatility
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	0.37	0.31
Level 3 | Recurring | Weighted Average | Commodity and other | Option Model | Cross-Commodity Correlation
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	0.94	0.94
Level 3 | Recurring | Average | Discounted Cash Flow | Funding Spread
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Securities sold under agreement to repurchase, measurement input value	0.0036
Level 3 | Recurring | Average | Option Model | IR Curve Correlation
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Borrowings, measurement input value		0.71
Level 3 | Recurring | Average | Corporate and other debt | Discounted Cash Flow | Loss given default
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Debt securities, trading assets, measurement input value	0.62	0.62
Borrowings, measurement input value	0.62	0.62
Level 3 | Recurring | Average | Interest rate | Option Model | IR Volatility Skew
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	0.81	0.81
Level 3 | Recurring | Average | Interest rate | Option Model | IR Curve Correlation
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	0.83	0.77
Level 3 | Recurring | Average | Interest rate | Option Model | Bond volatility
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	0.92	0.82
Level 3 | Recurring | Average | Interest rate | Option Model | Inflation Volatility
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	0.44	0.43
Level 3 | Recurring | Average | Foreign exchange | Option Model | IR Curve
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	0.08	0.07
Level 3 | Recurring | Average | Foreign exchange | Option Model | Foreign Exchange Volatility Skew
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value		0.02
Level 3 | Recurring | Average | Foreign exchange | Option Model | Contingency Probability
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	0.91
Level 3 | Recurring | Average | Equity | Option Model | IR Correlation
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value		0.15
Level 3 | Recurring | Median | Discounted Cash Flow | Funding Spread
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Securities sold under agreement to repurchase, measurement input value	0.0026
Level 3 | Recurring | Median | Option Model | IR Curve Correlation
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Borrowings, measurement input value		0.70
Level 3 | Recurring | Median | Corporate and other debt | Discounted Cash Flow | Loss given default
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Debt securities, trading assets, measurement input value	0.54	0.54
Borrowings, measurement input value	0.54	0.54
Level 3 | Recurring | Median | Interest rate | Option Model | IR Volatility Skew
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	0.79	0.93
Level 3 | Recurring | Median | Interest rate | Option Model | IR Curve Correlation
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	0.86	0.79
Level 3 | Recurring | Median | Interest rate | Option Model | Bond volatility
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	0.92	0.85
Level 3 | Recurring | Median | Interest rate | Option Model | Inflation Volatility
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	0.38	0.39
Level 3 | Recurring | Median | Foreign exchange | Option Model | IR Curve
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	0.08	0.05
Level 3 | Recurring | Median | Foreign exchange | Option Model | Foreign Exchange Volatility Skew
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value		0
Level 3 | Recurring | Median | Foreign exchange | Option Model | Contingency Probability
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Derivative assets, measurement input value	0.95
Level 3 | Nonrecurring
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Loans	$ 4,518	$ 4,532
Level 3 | Nonrecurring | Minimum | Comparable Pricing | Loan Price
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Loans, measurement input value	0.0025	0.0025
Level 3 | Nonrecurring | Minimum | Corporate Loan Model | Credit Spread
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Loans, measurement input value	0.0109	0.0099
Level 3 | Nonrecurring | Minimum | Warehouse Model | Credit Spread
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Loans, measurement input value	0.0207	0.0115
Level 3 | Nonrecurring | Maximum | Comparable Pricing | Loan Price
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Loans, measurement input value	0.0100	0.0093
Level 3 | Nonrecurring | Maximum | Corporate Loan Model | Credit Spread
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Loans, measurement input value	0.1469	0.1467
Level 3 | Nonrecurring | Maximum | Warehouse Model | Credit Spread
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Loans, measurement input value	0.0280	0.0268
Level 3 | Nonrecurring | Weighted Average | Comparable Pricing | Loan Price
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Loans, measurement input value	0.0071	0.0070
Level 3 | Nonrecurring | Weighted Average | Corporate Loan Model | Credit Spread
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Loans, measurement input value	0.1007	0.1015
Level 3 | Nonrecurring | Weighted Average | Warehouse Model | Credit Spread
Valuation Techniques and Sensitivity of Unobservable Inputs Used in Level 3 Fair Value Measurements
Loans, measurement input value	0.0254	0.0185

Fair Values - Fund Interests Me

Fair Values - Fund Interests Measured Based on Net Asset Value (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Measured Based on Net Asset Value
Carrying Value	$ 6,206	$ 5,524
Commitment	860	963
Private equity and other
Measured Based on Net Asset Value
Carrying Value	2,653	2,685
Commitment	644	720
Carrying Value of Nonredeemable Funds by Contractual Maturity
Less than 5 years	1,066
5-10 years	1,432
Over 10 years	155
Total	2,653
Real estate
Measured Based on Net Asset Value
Carrying Value	3,461	2,765
Commitment	214	240
Carrying Value of Nonredeemable Funds by Contractual Maturity
Less than 5 years	2,016
5-10 years	1,334
Over 10 years	111
Total	3,461
Hedge
Measured Based on Net Asset Value
Carrying Value	92	74
Commitment	$ 2	$ 3

Fair Values - Assets and Liab_2

Fair Values - Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Details) - Nonrecurring - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Assets at fair value
Loans	$ 6,125	$ 8,747
Other assets—Other investments	58	4
Other assets—ROU assets	23	23
Total	6,206	8,774
Liabilities at fair value
Other liabilities and accrued expenses—Lending commitments	81	170
Total	81	170
Assets
Fair Value Adjustment Disclosure
Gains (losses) from fair value remeasurements	(123)	(484)	$ (594)
Loans
Fair Value Adjustment Disclosure
Gains (losses) from fair value remeasurements	(64)	(426)	(563)
Other assets-other investments
Fair Value Adjustment Disclosure
Gains (losses) from fair value remeasurements	(9)	(15)	(14)
Other assets—Premises, equipment and software
Fair Value Adjustment Disclosure
Gains (losses) from fair value remeasurements	(17)	(8)	(6)
Other assets—ROU assets5
Fair Value Adjustment Disclosure
Gains (losses) from fair value remeasurements	(33)	(35)	(11)
Liabilities
Fair Value Adjustment Disclosure
Gains (losses) from fair value remeasurements	19	75	(137)
Other liabilities and accrued expenses—Lending commitments
Fair Value Adjustment Disclosure
Gains (losses) from fair value remeasurements	19	75	$ (137)
Level 2
Assets at fair value
Loans	1,607	4,215
Other assets—Other investments	0	0
Other assets—ROU assets	23	23
Total	1,630	4,238
Liabilities at fair value
Other liabilities and accrued expenses—Lending commitments	48	110
Total	48	110
Level 3
Assets at fair value
Loans	4,518	4,532
Other assets—Other investments	58	4
Other assets—ROU assets	0	0
Total	4,576	4,536
Liabilities at fair value
Other liabilities and accrued expenses—Lending commitments	33	60
Total	$ 33	$ 60

Fair Values - Financial Instrum

Fair Values - Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Financial Assets
Securities borrowed	$ 123,859	$ 121,091
Customer and other receivables	86,158	80,105
Loans
Held for investment	225,834	203,385
Held for sale	12,319	15,255
Financial Liabilities
Deposits	376,007	351,804
Securities sold under agreements to repurchase from affiliates	50,067	62,651
Securities loaned	15,226	15,057
Other secured financings	21,602	12,655
Customer and other payables	175,938	208,148
Borrowings	288,819	263,732
Carrying Value
Financial Assets
Cash and cash equivalents	105,386	89,232
Investment securities—HTM	61,071	66,694
Securities purchased  under agreements to resell	118,565	110,733
Securities borrowed	123,859	121,091
Customer and other receivables	79,586	74,337
Loans
Held for investment	225,834	203,385
Held for sale	12,319	15,255
Other assets	839	704
Financial Liabilities
Deposits	369,508	345,332
Securities sold under agreements to repurchase from affiliates	49,111	61,631
Securities loaned	15,226	15,057
Other secured financings	7,514	2,756
Customer and other payables	175,890	208,015
Borrowings	185,487	169,832
Additional Disclosures
Lending commitments	175,774	149,464
Fair Value
Financial Assets
Cash and cash equivalents	105,386	89,232
Investment securities—HTM	51,203	57,453
Securities purchased  under agreements to resell	118,601	110,773
Securities borrowed	123,859	121,091
Customer and other receivables	79,417	74,141
Loans
Held for investment	220,156	196,416
Held for sale	12,439	15,324
Other assets	839	704
Financial Liabilities
Deposits	370,039	345,391
Securities sold under agreements to repurchase from affiliates	49,103	61,621
Securities loaned	15,228	15,055
Other secured financings	7,511	2,756
Customer and other payables	175,890	208,015
Borrowings	188,362	171,013
Additional Disclosures
Lending commitments	1,933	2,087
Fair Value | Level 1
Financial Assets
Cash and cash equivalents	105,386	89,232
Investment securities—HTM	15,803	21,937
Securities purchased  under agreements to resell	0	0
Securities borrowed	0	0
Customer and other receivables	0	0
Loans
Held for investment	0	0
Held for sale	0	0
Other assets	0	0
Financial Liabilities
Deposits	0	0
Securities sold under agreements to repurchase from affiliates	0	0
Securities loaned	0	0
Other secured financings	0	0
Customer and other payables	0	0
Borrowings	0	0
Additional Disclosures
Lending commitments	0	0
Fair Value | Level 2
Financial Assets
Cash and cash equivalents	0	0
Investment securities—HTM	34,180	34,411
Securities purchased  under agreements to resell	117,151	108,099
Securities borrowed	123,859	121,091
Customer and other receivables	75,361	70,110
Loans
Held for investment	17,859	20,125
Held for sale	6,324	8,652
Other assets	839	704
Financial Liabilities
Deposits	370,039	345,391
Securities sold under agreements to repurchase from affiliates	49,103	61,621
Securities loaned	15,228	15,055
Other secured financings	7,511	2,756
Customer and other payables	175,890	208,015
Borrowings	188,269	171,009
Additional Disclosures
Lending commitments	1,094	1,338
Fair Value | Level 3
Financial Assets
Cash and cash equivalents	0	0
Investment securities—HTM	1,220	1,105
Securities purchased  under agreements to resell	1,450	2,674
Securities borrowed	0	0
Customer and other receivables	4,056	4,031
Loans
Held for investment	202,297	176,291
Held for sale	6,115	6,672
Other assets	0	0
Financial Liabilities
Deposits	0	0
Securities sold under agreements to repurchase from affiliates	0	0
Securities loaned	0	0
Other secured financings	0	0
Customer and other payables	0	0
Borrowings	93	4
Additional Disclosures
Lending commitments	$ 839	$ 749

Fair Value Option - Borrowings

Fair Value Option - Borrowings Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Fair Value Measurements
Borrowings at fair value	$ 103,332	$ 93,900
Recurring
Fair Value Measurements
Borrowings at fair value	103,332	93,900
Recurring | Equity
Fair Value Measurements
Borrowings at fair value	49,144	46,073
Recurring | Interest rates
Fair Value Measurements
Borrowings at fair value	34,451	31,055
Recurring | Commodities
Fair Value Measurements
Borrowings at fair value	14,829	12,798
Recurring | Credit
Fair Value Measurements
Borrowings at fair value	3,306	2,400
Recurring | Foreign exchange
Fair Value Measurements
Borrowings at fair value	$ 1,602	$ 1,574

Fair Value Option - Net Revenue

Fair Value Option - Net Revenues from Borrowings under the Fair Value Option (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Borrowings
Fair Value Option Quantitative Disclosures
Earnings impact	$ (1,767)	$ (8,494)	$ 12,077
Deposits
Fair Value Option Quantitative Disclosures
Earnings impact	(376)
Trading Revenues | Borrowings
Fair Value Option Quantitative Disclosures
Earnings impact	(1,118)	(7,991)	12,370
Trading Revenues | Deposits
Fair Value Option Quantitative Disclosures
Earnings impact	(134)
Interest Expense | Borrowings
Fair Value Option Quantitative Disclosures
Earnings impact	650	$ 503	$ 293
Interest Expense | Deposits
Fair Value Option Quantitative Disclosures
Earnings impact	$ 242

Fair Value Option - Gains (Loss

Fair Value Option - Gains (Losses) Due to Changes in Instrument-Specific Credit Risk (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value disclosure
Cumulative pre-tax DVA gain (loss) recognized in AOCI	$ (2,868)	$ (2,166)
Loans and other receivables | OCI
Fair Value disclosure
Gains (losses) due to changes in instrument-specific credit risk	0	0	$ 0
Loans and other receivables | Trading Revenues
Fair Value disclosure
Gains (losses) due to changes in instrument-specific credit risk	(53)	(123)	(108)
Lending commitments | OCI
Fair Value disclosure
Gains (losses) due to changes in instrument-specific credit risk	0	0	0
Lending commitments | Trading Revenues
Fair Value disclosure
Gains (losses) due to changes in instrument-specific credit risk	(3)	14	(12)
Deposits | OCI
Fair Value disclosure
Gains (losses) due to changes in instrument-specific credit risk	(39)	17	(24)
Deposits | Trading Revenues
Fair Value disclosure
Gains (losses) due to changes in instrument-specific credit risk	0	0	0
Borrowings | OCI
Fair Value disclosure
Gains (losses) due to changes in instrument-specific credit risk	(663)	(1,726)	2,006
Borrowings | Trading Revenues
Fair Value disclosure
Gains (losses) due to changes in instrument-specific credit risk	$ (27)	$ (19)	$ 0

Fair Value Option - Difference

Fair Value Option - Difference Between Contractual Principal and Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Loans and other receivables	$ 10,207	$ 11,086
Nonaccrual loans	7,719	8,566
Borrowings	$ 3,249	$ 3,030

Fair Value Option - Fair Value

Fair Value Option - Fair Value Loans on Nonaccrual Status (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Nonaccrual loans	$ 647	$ 440
Nonaccrual loans 90 or more days past due	$ 155	$ 75

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Fair Values of Derivative Contracts (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Derivative Assets
Total gross derivatives	$ 338,291	$ 326,450
Amounts offset against counterparty netting	(259,513)	(246,914)
Amounts offset against cash collateral netting	(40,209)	(42,223)
Total in Trading assets	38,569	37,313
Amounts not offset against financial instruments collateral	(17,837)	(15,690)
Net amounts	20,732	21,623
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable	3,354	2,641
Derivative Liabilities
Total gross derivatives	341,770	324,254
Amounts offset against counterparty netting	(259,514)	(246,914)
Amounts offset against cash collateral netting	$ (44,326)	$ (42,065)
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Financial Instruments Sold, Not yet Purchased, at Fair Value	Financial Instruments Sold, Not yet Purchased, at Fair Value
Total in Trading liabilities	$ 37,930	$ 35,275
Amounts not offset against financial instruments collateral	(8,996)	(6,909)
Net amounts	28,934	28,366
Net amounts for which master netting or collateral agreements are not in place or may not be legally enforceable	4,321	5,911
Bilateral OTC
Derivative Assets
Total gross derivatives	262,883	258,078
Amounts offset against counterparty netting	(188,069)	(184,553)
Amounts offset against cash collateral netting	(38,511)	(39,493)
Total in Trading assets	36,303	34,032
Amounts not offset against financial instruments collateral	(17,837)	(15,690)
Net amounts	18,466	18,342
Derivative Liabilities
Total gross derivatives	264,671	258,334
Amounts offset against counterparty netting	(188,070)	(184,553)
Amounts offset against cash collateral netting	(43,126)	(41,082)
Total in Trading liabilities	33,475	32,699
Amounts not offset against financial instruments collateral	(6,338)	(6,864)
Net amounts	27,137	25,835
Cleared OTC
Derivative Assets
Total gross derivatives	22,025	27,412
Amounts offset against counterparty netting	(20,276)	(23,851)
Amounts offset against cash collateral netting	(1,698)	(2,730)
Total in Trading assets	51	831
Amounts not offset against financial instruments collateral	0	0
Net amounts	51	831
Derivative Liabilities
Total gross derivatives	21,701	25,045
Amounts offset against counterparty netting	(20,276)	(23,851)
Amounts offset against cash collateral netting	(1,200)	(983)
Total in Trading liabilities	225	211
Amounts not offset against financial instruments collateral	0	(8)
Net amounts	225	203
Exchange- Traded
Derivative Assets
Total gross derivatives	53,383	40,960
Amounts offset against counterparty netting	(51,168)	(38,510)
Amounts offset against cash collateral netting	0	0
Total in Trading assets	2,215	2,450
Amounts not offset against financial instruments collateral	0	0
Net amounts	2,215	2,450
Derivative Liabilities
Total gross derivatives	55,398	40,875
Amounts offset against counterparty netting	(51,168)	(38,510)
Amounts offset against cash collateral netting	0	0
Total in Trading liabilities	4,230	2,365
Amounts not offset against financial instruments collateral	(2,658)	(37)
Net amounts	1,572	2,328
Designated as accounting hedges
Derivative Assets
Total gross derivatives	311	35
Derivative Liabilities
Total gross derivatives	536	924
Designated as accounting hedges | Bilateral OTC
Derivative Assets
Total gross derivatives	189	30
Derivative Liabilities
Total gross derivatives	536	881
Designated as accounting hedges | Cleared OTC
Derivative Assets
Total gross derivatives	122	5
Derivative Liabilities
Total gross derivatives	0	43
Designated as accounting hedges | Exchange- Traded
Derivative Assets
Total gross derivatives	0	0
Derivative Liabilities
Total gross derivatives	0	0
Designated as accounting hedges | Interest rate
Derivative Assets
Total gross derivatives	4	25
Derivative Liabilities
Total gross derivatives	533	467
Designated as accounting hedges | Interest rate | Bilateral OTC
Derivative Assets
Total gross derivatives	4	25
Derivative Liabilities
Total gross derivatives	533	467
Designated as accounting hedges | Interest rate | Cleared OTC
Derivative Assets
Total gross derivatives	0	0
Derivative Liabilities
Total gross derivatives	0	0
Designated as accounting hedges | Interest rate | Exchange- Traded
Derivative Assets
Total gross derivatives	0	0
Derivative Liabilities
Total gross derivatives	0	0
Designated as accounting hedges | Foreign exchange
Derivative Assets
Total gross derivatives	307	10
Derivative Liabilities
Total gross derivatives	3	457
Designated as accounting hedges | Foreign exchange | Bilateral OTC
Derivative Assets
Total gross derivatives	185	5
Derivative Liabilities
Total gross derivatives	3	414
Designated as accounting hedges | Foreign exchange | Cleared OTC
Derivative Assets
Total gross derivatives	122	5
Derivative Liabilities
Total gross derivatives	0	43
Designated as accounting hedges | Foreign exchange | Exchange- Traded
Derivative Assets
Total gross derivatives	0	0
Derivative Liabilities
Total gross derivatives	0	0
Not designated as accounting hedges
Derivative Assets
Total gross derivatives	337,980	326,415
Derivative Liabilities
Total gross derivatives	341,234	323,330
Not designated as accounting hedges | Bilateral OTC
Derivative Assets
Total gross derivatives	262,694	258,048
Derivative Liabilities
Total gross derivatives	264,135	257,453
Not designated as accounting hedges | Cleared OTC
Derivative Assets
Total gross derivatives	21,903	27,407
Derivative Liabilities
Total gross derivatives	21,701	25,002
Not designated as accounting hedges | Exchange- Traded
Derivative Assets
Total gross derivatives	53,383	40,960
Derivative Liabilities
Total gross derivatives	55,398	40,875
Economic hedges of loans | Credit
Derivative Assets
Total gross derivatives	28	29
Derivative Liabilities
Total gross derivatives	771	745
Economic hedges of loans | Credit | Bilateral OTC
Derivative Assets
Total gross derivatives	0	2
Derivative Liabilities
Total gross derivatives	53	43
Economic hedges of loans | Credit | Cleared OTC
Derivative Assets
Total gross derivatives	28	27
Derivative Liabilities
Total gross derivatives	718	702
Economic hedges of loans | Credit | Exchange- Traded
Derivative Assets
Total gross derivatives	0	0
Derivative Liabilities
Total gross derivatives	0	0
Other derivatives | Interest rate
Derivative Assets
Total gross derivatives	128,802	148,182
Derivative Liabilities
Total gross derivatives	117,657	138,373
Other derivatives | Interest rate | Bilateral OTC
Derivative Assets
Total gross derivatives	115,520	127,414
Derivative Liabilities
Total gross derivatives	104,495	120,604
Other derivatives | Interest rate | Cleared OTC
Derivative Assets
Total gross derivatives	13,163	19,914
Derivative Liabilities
Total gross derivatives	13,038	17,179
Other derivatives | Interest rate | Exchange- Traded
Derivative Assets
Total gross derivatives	119	854
Derivative Liabilities
Total gross derivatives	124	590
Other derivatives | Credit
Derivative Assets
Total gross derivatives	9,122	10,608
Derivative Liabilities
Total gross derivatives	8,801	10,347
Other derivatives | Credit | Bilateral OTC
Derivative Assets
Total gross derivatives	4,711	5,712
Derivative Liabilities
Total gross derivatives	4,941	5,920
Other derivatives | Credit | Cleared OTC
Derivative Assets
Total gross derivatives	4,411	4,896
Derivative Liabilities
Total gross derivatives	3,860	4,427
Other derivatives | Credit | Exchange- Traded
Derivative Assets
Total gross derivatives	0	0
Derivative Liabilities
Total gross derivatives	0	0
Other derivatives | Foreign exchange
Derivative Assets
Total gross derivatives	108,415	93,240
Derivative Liabilities
Total gross derivatives	104,968	89,904
Other derivatives | Foreign exchange | Bilateral OTC
Derivative Assets
Total gross derivatives	104,024	90,654
Derivative Liabilities
Total gross derivatives	100,730	87,104
Other derivatives | Foreign exchange | Cleared OTC
Derivative Assets
Total gross derivatives	4,301	2,570
Derivative Liabilities
Total gross derivatives	4,085	2,694
Other derivatives | Foreign exchange | Exchange- Traded
Derivative Assets
Total gross derivatives	90	16
Derivative Liabilities
Total gross derivatives	153	106
Other derivatives | Equity
Derivative Assets
Total gross derivatives	75,682	58,075
Derivative Liabilities
Total gross derivatives	95,474	68,894
Other derivatives | Equity | Bilateral OTC
Derivative Assets
Total gross derivatives	24,368	20,338
Derivative Liabilities
Total gross derivatives	42,332	31,545
Other derivatives | Equity | Cleared OTC
Derivative Assets
Total gross derivatives	0	0
Derivative Liabilities
Total gross derivatives	0	0
Other derivatives | Equity | Exchange- Traded
Derivative Assets
Total gross derivatives	51,314	37,737
Derivative Liabilities
Total gross derivatives	53,142	37,349
Other derivatives | Commodity and other
Derivative Assets
Total gross derivatives	15,931	16,281
Derivative Liabilities
Total gross derivatives	13,563	15,067
Other derivatives | Commodity and other | Bilateral OTC
Derivative Assets
Total gross derivatives	14,071	13,928
Derivative Liabilities
Total gross derivatives	11,584	12,237
Other derivatives | Commodity and other | Cleared OTC
Derivative Assets
Total gross derivatives	0	0
Derivative Liabilities
Total gross derivatives	0	0
Other derivatives | Commodity and other | Exchange- Traded
Derivative Assets
Total gross derivatives	1,860	2,353
Derivative Liabilities
Total gross derivatives	$ 1,979	$ 2,830

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Notionals of Derivative Contracts (Details) - USD ($) $ in Billions	Dec. 31, 2024	Dec. 31, 2023
Derivatives, Notional Amount
Derivative assets	$ 13,316	$ 18,280
Derivative liabilities	13,820	19,069
Bilateral OTC
Derivatives, Notional Amount
Derivative assets	7,380	8,416
Derivative liabilities	7,478	9,063
Cleared OTC
Derivatives, Notional Amount
Derivative assets	4,799	8,792
Derivative liabilities	4,992	8,727
Exchange- Traded
Derivatives, Notional Amount
Derivative assets	1,137	1,072
Derivative liabilities	1,350	1,279
Designated as accounting hedges
Derivatives, Notional Amount
Derivative assets	126	94
Derivative liabilities	196	203
Designated as accounting hedges | Interest rate
Derivatives, Notional Amount
Derivative assets	108	92
Derivative liabilities	195	186
Designated as accounting hedges | Foreign exchange
Derivatives, Notional Amount
Derivative assets	18	2
Derivative liabilities	1	17
Designated as accounting hedges | Bilateral OTC
Derivatives, Notional Amount
Derivative assets	14	1
Derivative liabilities	3	17
Designated as accounting hedges | Bilateral OTC | Interest rate
Derivatives, Notional Amount
Derivative assets	0	0
Derivative liabilities	2	3
Designated as accounting hedges | Bilateral OTC | Foreign exchange
Derivatives, Notional Amount
Derivative assets	14	1
Derivative liabilities	1	14
Designated as accounting hedges | Cleared OTC
Derivatives, Notional Amount
Derivative assets	112	93
Derivative liabilities	193	186
Designated as accounting hedges | Cleared OTC | Interest rate
Derivatives, Notional Amount
Derivative assets	108	92
Derivative liabilities	193	183
Designated as accounting hedges | Cleared OTC | Foreign exchange
Derivatives, Notional Amount
Derivative assets	4	1
Derivative liabilities	0	3
Designated as accounting hedges | Exchange- Traded
Derivatives, Notional Amount
Derivative assets	0	0
Derivative liabilities	0	0
Designated as accounting hedges | Exchange- Traded | Interest rate
Derivatives, Notional Amount
Derivative assets	0	0
Derivative liabilities	0	0
Designated as accounting hedges | Exchange- Traded | Foreign exchange
Derivatives, Notional Amount
Derivative assets	0	0
Derivative liabilities	0	0
Not designated as accounting hedges
Derivatives, Notional Amount
Derivative assets	13,190	18,186
Derivative liabilities	13,624	18,866
Not designated as accounting hedges | Bilateral OTC
Derivatives, Notional Amount
Derivative assets	7,366	8,415
Derivative liabilities	7,475	9,046
Not designated as accounting hedges | Cleared OTC
Derivatives, Notional Amount
Derivative assets	4,687	8,699
Derivative liabilities	4,799	8,541
Not designated as accounting hedges | Exchange- Traded
Derivatives, Notional Amount
Derivative assets	1,137	1,072
Derivative liabilities	1,350	1,279
Economic hedges of loans | Credit
Derivatives, Notional Amount
Derivative assets	0	1
Derivative liabilities	22	24
Economic hedges of loans | Bilateral OTC | Credit
Derivatives, Notional Amount
Derivative assets	0	0
Derivative liabilities	2	2
Economic hedges of loans | Cleared OTC | Credit
Derivatives, Notional Amount
Derivative assets	0	1
Derivative liabilities	20	22
Economic hedges of loans | Exchange- Traded | Credit
Derivatives, Notional Amount
Derivative assets	0	0
Derivative liabilities	0	0
Other derivatives | Interest rate
Derivatives, Notional Amount
Derivative assets	8,522	13,070
Derivative liabilities	8,511	13,283
Other derivatives | Credit
Derivatives, Notional Amount
Derivative assets	357	390
Derivative liabilities	363	384
Other derivatives | Foreign exchange
Derivatives, Notional Amount
Derivative assets	2,897	3,550
Derivative liabilities	2,959	3,696
Other derivatives | Equity
Derivatives, Notional Amount
Derivative assets	1,200	968
Derivative liabilities	1,580	1,299
Other derivatives | Commodity and other
Derivatives, Notional Amount
Derivative assets	214	207
Derivative liabilities	189	180
Other derivatives | Bilateral OTC | Interest rate
Derivatives, Notional Amount
Derivative assets	3,713	4,153
Derivative liabilities	3,626	4,631
Other derivatives | Bilateral OTC | Credit
Derivatives, Notional Amount
Derivative assets	208	214
Derivative liabilities	230	229
Other derivatives | Bilateral OTC | Foreign exchange
Derivatives, Notional Amount
Derivative assets	2,717	3,378
Derivative liabilities	2,763	3,496
Other derivatives | Bilateral OTC | Equity
Derivatives, Notional Amount
Derivative assets	591	528
Derivative liabilities	754	587
Other derivatives | Bilateral OTC | Commodity and other
Derivatives, Notional Amount
Derivative assets	137	142
Derivative liabilities	100	101
Other derivatives | Cleared OTC | Interest rate
Derivatives, Notional Amount
Derivative assets	4,367	8,357
Derivative liabilities	4,468	8,197
Other derivatives | Cleared OTC | Credit
Derivatives, Notional Amount
Derivative assets	149	176
Derivative liabilities	133	155
Other derivatives | Cleared OTC | Foreign exchange
Derivatives, Notional Amount
Derivative assets	171	165
Derivative liabilities	178	167
Other derivatives | Cleared OTC | Equity
Derivatives, Notional Amount
Derivative assets	0	0
Derivative liabilities	0	0
Other derivatives | Cleared OTC | Commodity and other
Derivatives, Notional Amount
Derivative assets	0	0
Derivative liabilities	0	0
Other derivatives | Exchange- Traded | Interest rate
Derivatives, Notional Amount
Derivative assets	442	560
Derivative liabilities	417	455
Other derivatives | Exchange- Traded | Credit
Derivatives, Notional Amount
Derivative assets	0	0
Derivative liabilities	0	0
Other derivatives | Exchange- Traded | Foreign exchange
Derivatives, Notional Amount
Derivative assets	9	7
Derivative liabilities	18	33
Other derivatives | Exchange- Traded | Equity
Derivatives, Notional Amount
Derivative assets	609	440
Derivative liabilities	826	712
Other derivatives | Exchange- Traded | Commodity and other
Derivatives, Notional Amount
Derivative assets	77	65
Derivative liabilities	$ 89	$ 79

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities - Gains (Losses) on Accounting Hedges and Fair Value Hedges (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash Flow Hedges - Interest Rate Contracts Recognized in Interest Income
Recognized in OCI	$ (100)	$ 9	$ (4)
Less: Realized gains (losses) (pre-tax) reclassified from AOCI to interest income	(32)	(16)	0
Net change in cash flow hedges included within AOCI	(68)	$ 25	(4)
Cash flow hedges expected to be reclassified from AOCI	31
Borrowings
Amortized cost	325
Hedged asset, excluded from amortized cost	178
Amortized cost, unalloccated basis adjustment	(2)
Interest rate
Cash Flow Hedges - Interest Rate Contracts Recognized in Interest Income
Maximum length of time over which forecasted cash flows are hedged		28 months
Investment securities—AFS
Investment Securities—AFS and Deposits
Amortized cost basis currently/ carrying amount currently or previously hedged	54,809	$ 47,179
Basis adjustments included in amortized cost/ carrying amount	(741)	(732)
Deposits
Investment Securities—AFS and Deposits
Amortized cost basis currently/ carrying amount currently or previously hedged	21,524	10,569
Basis adjustments included in amortized cost/ carrying amount	44	(31)
Borrowings
Borrowings
Carrying amount currently or previously hedged	171,834	158,659
Basis adjustments included in carrying amount—Outstanding hedges	(10,072)	(9,219)
Basis adjustments included in amortized cost—Terminated hedges	(648)	(671)
Fair Value Hedges | Interest Income | Interest rate
Gain (Loss) on Fair Value Hedges Recognized in Interest Income / Expense
Gains (losses) recognized in Interest Income / Expense	291	(576)	1,928
Fair Value Hedges | Interest Income | Investment securities—AFS
Gain (Loss) on Fair Value Hedges Recognized in Interest Income / Expense
Gains (losses) recognized in Interest Income / Expense	(204)	638	(1,838)
Fair Value Hedges | Interest Expense | Interest rate
Gain (Loss) on Fair Value Hedges Recognized in Interest Income / Expense
Gains (losses) recognized in Interest Income / Expense	(822)	3,664	(15,159)
Fair Value Hedges | Interest Expense | Deposits
Gain (Loss) on Fair Value Hedges Recognized in Interest Income / Expense
Gains (losses) recognized in Interest Income / Expense	(75)	(88)	124
Fair Value Hedges | Interest Expense | Borrowings
Gain (Loss) on Fair Value Hedges Recognized in Interest Income / Expense
Gains (losses) recognized in Interest Income / Expense	889	(3,564)	15,042
Net Investment Hedges | Foreign exchange
Net Investment Hedges
Recognized in OCI	1,084	(168)	657
Forward points excluded from hedge effectiveness testing—Recognized in Interest income	$ 214	$ 211	$ (33)

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities - Gains (Losses) on Economic Loan Hedges (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Credit | Economic hedges of loans
Derivative [Line Items]
Gain (loss) on derivative recognized in Other Revenues	$ (294)	$ (522)	$ (62)

Derivative Instruments and He_7

Derivative Instruments and Hedging Activities - Credit Risk-Related Contingencies (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Derivatives
Net derivative liabilities with credit risk-related contingent features	$ 22,414	$ 21,957
Collateral posted	16,252	$ 16,389
Bilateral Downgrade Agreement
Derivatives
Incremental collateral or termination payments upon potential future ratings downgrade	524
One-notch downgrade
Derivatives
Incremental collateral or termination payments upon potential future ratings downgrade	235
Two-notch downgrade
Derivatives
Incremental collateral or termination payments upon potential future ratings downgrade	$ 411

Derivative Instruments and He_8

Derivative Instruments and Hedging Activities - Maximum Potential Payout/Notional of Credit Protection Sold (Details) - Credit Protection Sold - USD ($) $ in Billions	Dec. 31, 2024	Dec. 31, 2023
Credit Derivatives
Maximum potential payout/notional	$ 368	$ 389
Less Than 1 (Year)
Credit Derivatives
Maximum potential payout/notional	36	42
1 - 3 (Years)
Credit Derivatives
Maximum potential payout/notional	81	76
3 - 5 (Years)
Credit Derivatives
Maximum potential payout/notional	221	236
Over 5 (Years)
Credit Derivatives
Maximum potential payout/notional	30	35
CDS
Credit Derivatives
Maximum potential payout/notional	365	386
CDS protection sold with identical protection purchased	303	330
CDS | Less Than 1 (Year)
Credit Derivatives
Maximum potential payout/notional	36	42
CDS | 1 - 3 (Years)
Credit Derivatives
Maximum potential payout/notional	81	76
CDS | 3 - 5 (Years)
Credit Derivatives
Maximum potential payout/notional	221	236
CDS | Over 5 (Years)
Credit Derivatives
Maximum potential payout/notional	27	32
Single-name CDS
Credit Derivatives
Maximum potential payout/notional	133	136
Single-name CDS | Less Than 1 (Year)
Credit Derivatives
Maximum potential payout/notional	22	26
Single-name CDS | 1 - 3 (Years)
Credit Derivatives
Maximum potential payout/notional	47	43
Single-name CDS | 3 - 5 (Years)
Credit Derivatives
Maximum potential payout/notional	53	56
Single-name CDS | Over 5 (Years)
Credit Derivatives
Maximum potential payout/notional	11	11
Single-name CDS | Investment grade
Credit Derivatives
Maximum potential payout/notional	93	97
Single-name CDS | Investment grade | Less Than 1 (Year)
Credit Derivatives
Maximum potential payout/notional	15	19
Single-name CDS | Investment grade | 1 - 3 (Years)
Credit Derivatives
Maximum potential payout/notional	31	29
Single-name CDS | Investment grade | 3 - 5 (Years)
Credit Derivatives
Maximum potential payout/notional	37	39
Single-name CDS | Investment grade | Over 5 (Years)
Credit Derivatives
Maximum potential payout/notional	10	10
Single-name CDS | Non-investment grade
Credit Derivatives
Maximum potential payout/notional	40	39
Single-name CDS | Non-investment grade | Less Than 1 (Year)
Credit Derivatives
Maximum potential payout/notional	7	7
Single-name CDS | Non-investment grade | 1 - 3 (Years)
Credit Derivatives
Maximum potential payout/notional	16	14
Single-name CDS | Non-investment grade | 3 - 5 (Years)
Credit Derivatives
Maximum potential payout/notional	16	17
Single-name CDS | Non-investment grade | Over 5 (Years)
Credit Derivatives
Maximum potential payout/notional	1	1
Index and basket CDS
Credit Derivatives
Maximum potential payout/notional	232	250
Index and basket CDS | Less Than 1 (Year)
Credit Derivatives
Maximum potential payout/notional	14	16
Index and basket CDS | 1 - 3 (Years)
Credit Derivatives
Maximum potential payout/notional	34	33
Index and basket CDS | 3 - 5 (Years)
Credit Derivatives
Maximum potential payout/notional	168	180
Index and basket CDS | Over 5 (Years)
Credit Derivatives
Maximum potential payout/notional	16	21
Index and basket CDS | Investment grade
Credit Derivatives
Maximum potential payout/notional	25	116
Index and basket CDS | Investment grade | Less Than 1 (Year)
Credit Derivatives
Maximum potential payout/notional	3	8
Index and basket CDS | Investment grade | 1 - 3 (Years)
Credit Derivatives
Maximum potential payout/notional	12	19
Index and basket CDS | Investment grade | 3 - 5 (Years)
Credit Derivatives
Maximum potential payout/notional	10	85
Index and basket CDS | Investment grade | Over 5 (Years)
Credit Derivatives
Maximum potential payout/notional	0	4
Index and basket CDS | Non-investment grade
Credit Derivatives
Maximum potential payout/notional	207	134
Index and basket CDS | Non-investment grade | Less Than 1 (Year)
Credit Derivatives
Maximum potential payout/notional	11	8
Index and basket CDS | Non-investment grade | 1 - 3 (Years)
Credit Derivatives
Maximum potential payout/notional	22	14
Index and basket CDS | Non-investment grade | 3 - 5 (Years)
Credit Derivatives
Maximum potential payout/notional	158	95
Index and basket CDS | Non-investment grade | Over 5 (Years)
Credit Derivatives
Maximum potential payout/notional	16	17
Other credit contracts
Credit Derivatives
Maximum potential payout/notional	3	3
Other credit contracts | Less Than 1 (Year)
Credit Derivatives
Maximum potential payout/notional	0	0
Other credit contracts | 1 - 3 (Years)
Credit Derivatives
Maximum potential payout/notional	0	0
Other credit contracts | 3 - 5 (Years)
Credit Derivatives
Maximum potential payout/notional	0	0
Other credit contracts | Over 5 (Years)
Credit Derivatives
Maximum potential payout/notional	$ 3	$ 3

Derivative Instruments and He_9

Derivative Instruments and Hedging Activities - Fair Value Asset/(Liability) of Credit Protection Sold (Details) - Credit Protection Sold - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Credit Derivatives
Fair Value Asset (Liability)	$ 3,896	$ 4,591
CDS
Credit Derivatives
Fair Value Asset (Liability)	3,763	4,277
Single-name CDS
Credit Derivatives
Fair Value Asset (Liability)	2,475	2,303
Single-name CDS | Investment grade
Credit Derivatives
Fair Value Asset (Liability)	1,890	1,904
Single-name CDS | Non-investment grade
Credit Derivatives
Fair Value Asset (Liability)	585	399
Index and basket CDS
Credit Derivatives
Fair Value Asset (Liability)	1,288	1,974
Index and basket CDS | Investment grade
Credit Derivatives
Fair Value Asset (Liability)	799	1,929
Index and basket CDS | Non-investment grade
Credit Derivatives
Fair Value Asset (Liability)	489	45
Other credit contracts
Credit Derivatives
Fair Value Asset (Liability)	$ 133	$ 314

Derivative Instruments and H_10

Derivative Instruments and Hedging Activities - Protection Purchased with CDS (Details) - Protection Purchased - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
CDS
Credit Derivatives
Notional	$ 377,000	$ 409,000
Fair Value Asset (Liability)	(4,309)	(5,019)
Single name
Credit Derivatives
Notional	156,000	166,000
Fair Value Asset (Liability)	(2,693)	(2,799)
Index and basket
Credit Derivatives
Notional	193,000	213,000
Fair Value Asset (Liability)	(654)	(1,208)
Tranched index and basket
Credit Derivatives
Notional	28,000	30,000
Fair Value Asset (Liability)	$ (962)	$ (1,012)

Investment Securities - AFS and

Investment Securities - AFS and HTM Securities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
AFS securities
Amortized cost	$ 101,960	$ 92,149
Gross Unrealized Gains	89	74
Gross Unrealized Losses	3,441	4,110
Available-for-sale, fair value	98,608	88,113
Amortized cost, unalloccated basis adjustment	(2)
Gross unrealized gains, unallocated basis adjustment	2
HTM securities
HTM securities: Net carrying amount, total	61,071	66,694
Gross Unrealized Gains	7	2
Gross Unrealized Losses	9,875	9,243
Fair Value	51,203	57,453
Investment securities: Amortized cost, total	163,031	158,843
Gross Unrealized Gains	96	76
Gross Unrealized Losses	13,316	13,353
Investment securities: Fair value, total	149,811	145,566
U.S. Treasury securities
AFS securities
Amortized cost	70,160	58,484
Gross Unrealized Gains	62	24
Gross Unrealized Losses	388	1,103
Available-for-sale, fair value	69,834	57,405
HTM securities
HTM securities: Net carrying amount, total	16,885	23,222
Gross Unrealized Gains	0	0
Gross Unrealized Losses	1,082	1,285
Fair Value	15,803	21,937
U.S. agency securities
AFS securities
Amortized cost	24,113	25,852
Gross Unrealized Gains	6	4
Gross Unrealized Losses	2,652	2,528
Available-for-sale, fair value	21,467	23,328
HTM securities
HTM securities: Net carrying amount, total	41,582	40,894
Gross Unrealized Gains	4	0
Gross Unrealized Losses	8,592	7,699
Fair Value	32,994	33,195
Agency CMBS
AFS securities
Amortized cost	5,704	5,871
Gross Unrealized Gains	0	0
Gross Unrealized Losses	388	456
Available-for-sale, fair value	5,316	5,415
HTM securities
HTM securities: Net carrying amount, total	1,154	1,337
Gross Unrealized Gains	0	0
Gross Unrealized Losses	88	121
Fair Value	1,066	1,216
Non-agency CMBS
HTM securities
HTM securities: Net carrying amount, total	1,450	1,241
Gross Unrealized Gains	3	2
Gross Unrealized Losses	113	138
Fair Value	1,340	1,105
State and municipal securities
AFS securities
Amortized cost	1,373	1,132
Gross Unrealized Gains	18	46
Gross Unrealized Losses	4	5
Available-for-sale, fair value	1,387	1,173
FFELP student loan ABS
AFS securities
Amortized cost	612	810
Gross Unrealized Gains	1	0
Gross Unrealized Losses	9	18
Available-for-sale, fair value	$ 604	$ 792
HTM securities
Third party guarantees (as a percent)	95%	95%

Investment Securities - Investm

Investment Securities - Investment Securities in an Unrealized Loss Position (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract]
AFS: Fair Value, Less than 12 Months	$ 19,345	$ 19,172
AFS: Fair Value, 12 Months or Longer	44,147	57,983
AFS: Fair Value, Total	63,492	77,155
AFS: Gross Unrealized Losses, Less than 12 Months	78	69
AFS: Gross Unrealized Losses, 12 Months or Longer	3,363	4,041
AFS: Gross Unrealized Losses, Total	3,441	4,110
U.S. Treasury securities
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract]
AFS: Fair Value, Less than 12 Months	18,338	14,295
AFS: Fair Value, 12 Months or Longer	19,629	33,458
AFS: Fair Value, Total	37,967	47,753
AFS: Gross Unrealized Losses, Less than 12 Months	65	22
AFS: Gross Unrealized Losses, 12 Months or Longer	323	1,081
AFS: Gross Unrealized Losses, Total	388	1,103
U.S. agency securities
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract]
AFS: Fair Value, Less than 12 Months	765	4,297
AFS: Fair Value, 12 Months or Longer	18,996	18,459
AFS: Fair Value, Total	19,761	22,756
AFS: Gross Unrealized Losses, Less than 12 Months	11	43
AFS: Gross Unrealized Losses, 12 Months or Longer	2,641	2,485
AFS: Gross Unrealized Losses, Total	2,652	2,528
Agency CMBS
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract]
AFS: Fair Value, 12 Months or Longer	5,018	5,415
AFS: Fair Value, Total	5,018	5,415
AFS: Gross Unrealized Losses, 12 Months or Longer	388	456
AFS: Gross Unrealized Losses, Total	388	456
State and municipal securities
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract]
AFS: Fair Value, Less than 12 Months	242	524
AFS: Fair Value, 12 Months or Longer	62	35
AFS: Fair Value, Total	304	559
AFS: Gross Unrealized Losses, Less than 12 Months	2	3
AFS: Gross Unrealized Losses, 12 Months or Longer	2	2
AFS: Gross Unrealized Losses, Total	4	5
FFELP student loan ABS
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure [Abstract]
AFS: Fair Value, Less than 12 Months	0	56
AFS: Fair Value, 12 Months or Longer	442	616
AFS: Fair Value, Total	442	672
AFS: Gross Unrealized Losses, Less than 12 Months	0	1
AFS: Gross Unrealized Losses, 12 Months or Longer	9	17
AFS: Gross Unrealized Losses, Total	$ 9	$ 18

Investment Securities - Narrati

Investment Securities - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Schedule of Held-to-Maturity Securities [Line Items]
Allowance for credit loss related to held-to-maturity securities	$ 0	$ 0
Investment grade percentage	98%	98%
Non-agency CMBS
Schedule of Held-to-Maturity Securities [Line Items]
Allowance for credit loss related to held-to-maturity securities	$ 52	$ 44

Investment Securities - Inves_2

Investment Securities - Investment Securities by Contractual Maturity (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Amortized Cost
Amortized cost	$ 101,960	$ 92,149
Amortized cost, unalloccated basis adjustment	(2)
HTM securities: Net carrying amount, total	61,071	66,694
Investment securities: Amortized cost, total	163,031	158,843
Fair Value
AFS securities: Fair value, total	98,608	88,113
HTM securities: Fair value, total	51,203	57,453
Investment securities	$ 149,811	145,566
Annualized Average Yield
AFS securities: Annualized average yield, total (as a percent)	3.30%
HTM securities: Annualized average yield, total (as a percent)	2.10%
Investment securities: Annualized average yield, total (as a percent)	2.90%
AFS securities: Annualized average yield including the interest rate swap accrual of related hedges, due within 1 year (as a percent)	2.70%
AFS securities: Annualized average yield including the interest rate swap accrual of related hedge (as a percent)	3.80%
U.S. Treasury securities
Amortized Cost
AFS securities: Amortized cost, due within 1 year	$ 18,575
AFS securities: Amortized cost, after 1 year through 5 years	46,529
AFS securities: Amortized cost, after 5 years through 10 years	5,056
Amortized cost	70,160	58,484
HTM securities: Net carrying amount, due within 1 year	4,635
HTM securities: Net carrying amount, after 1 year through 5 years	10,191
HTM securities: Net carrying amount, after 5 year through 10 years	503
HTM securities: Net carrying amount, after 10 years	1,556
HTM securities: Net carrying amount, total	16,885	23,222
Fair Value
AFS securities: Fair value, due within 1 year	18,393
AFS securities: Fair value, after 1 year through 5 years	46,395
AFS securities: Fair value, after 5 years through 10 years	5,046
AFS securities: Fair value, total	69,834	57,405
HTM securities: Fair value, due within 1 year	4,558
HTM securities: Fair value, after 1 year through 5 years	9,777
HTM securities: Fair value, after 5 years through 10 years	414
HTM securities: Fair value, after 10 years	1,054
HTM securities: Fair value, total	$ 15,803	21,937
Annualized Average Yield
AFS securities: Annualized average yield, due within 1 year (as a percent)	2.20%
AFS securities: Annualized average yield, after 1 year through 5 years (as a percent)	3.70%
AFS securities: Annualized average yield, after 5 years through 10 years (as a percent)	4.20%
HTM securities: Annualized average yield, due within 1 year (as a percent)	1.20%
HTM securities: Annualized average yield, after 1 years through 5 years (as a percent)	2.30%
HTM securities: Annualized average yield, after 5 years through 10 years (as a percent)	1.10%
HTM securities: Annualized average yield, after 10 year (as a percent)	2.30%
U.S. agency securities
Amortized Cost
AFS securities: Amortized cost, due within 1 year	$ 11
AFS securities: Amortized cost, after 1 year through 5 years	254
AFS securities: Amortized cost, after 5 years through 10 years	414
AFS securities: Amortized cost, after 10 years	23,434
Amortized cost	24,113	25,852
HTM securities: Net carrying amount, after 1 year through 5 years	8
HTM securities: Net carrying amount, after 5 year through 10 years	223
HTM securities: Net carrying amount, after 10 years	41,351
HTM securities: Net carrying amount, total	41,582	40,894
Fair Value
AFS securities: Fair value, due within 1 year	11
AFS securities: Fair value, after 1 year through 5 years	241
AFS securities: Fair value, after 5 years through 10 years	380
AFS securities: Fair value, after 10 years	20,835
AFS securities: Fair value, total	21,467	23,328
HTM securities: Fair value, after 1 year through 5 years	8
HTM securities: Fair value, after 5 years through 10 years	208
HTM securities: Fair value, after 10 years	32,778
HTM securities: Fair value, total	$ 32,994	33,195
Annualized Average Yield
AFS securities: Annualized average yield, due within 1 year (as a percent)	1%
AFS securities: Annualized average yield, after 1 year through 5 years (as a percent)	1.60%
AFS securities: Annualized average yield, after 5 years through 10 years (as a percent)	1.80%
AFS securities: Annualized average yield, after 10 years (as a percent)	3.40%
HTM securities: Annualized average yield, after 1 years through 5 years (as a percent)	1.80%
HTM securities: Annualized average yield, after 5 years through 10 years (as a percent)	2.10%
HTM securities: Annualized average yield, after 10 year (as a percent)	2.10%
Agency CMBS
Amortized Cost
AFS securities: Amortized cost, after 1 year through 5 years	$ 4,054
AFS securities: Amortized cost, after 5 years through 10 years	547
AFS securities: Amortized cost, after 10 years	1,103
Amortized cost	5,704	5,871
HTM securities: Net carrying amount, due within 1 year	294
HTM securities: Net carrying amount, after 1 year through 5 years	632
HTM securities: Net carrying amount, after 5 year through 10 years	176
HTM securities: Net carrying amount, after 10 years	52
HTM securities: Net carrying amount, total	1,154	1,337
Fair Value
AFS securities: Fair value, after 1 year through 5 years	3,899
AFS securities: Fair value, after 5 years through 10 years	535
AFS securities: Fair value, after 10 years	882
AFS securities: Fair value, total	5,316	5,415
HTM securities: Fair value, due within 1 year	289
HTM securities: Fair value, after 1 year through 5 years	591
HTM securities: Fair value, after 5 years through 10 years	144
HTM securities: Fair value, after 10 years	42
HTM securities: Fair value, total	$ 1,066	1,216
Annualized Average Yield
AFS securities: Annualized average yield, after 1 year through 5 years (as a percent)	2%
AFS securities: Annualized average yield, after 5 years through 10 years (as a percent)	1.60%
AFS securities: Annualized average yield, after 10 years (as a percent)	1.50%
HTM securities: Annualized average yield, due within 1 year (as a percent)	1.50%
HTM securities: Annualized average yield, after 1 years through 5 years (as a percent)	1.20%
HTM securities: Annualized average yield, after 5 years through 10 years (as a percent)	1.60%
HTM securities: Annualized average yield, after 10 year (as a percent)	1.30%
Non-agency CMBS
Amortized Cost
HTM securities: Net carrying amount, due within 1 year	$ 146
HTM securities: Net carrying amount, after 1 year through 5 years	648
HTM securities: Net carrying amount, after 5 year through 10 years	455
HTM securities: Net carrying amount, after 10 years	201
HTM securities: Net carrying amount, total	1,450	1,241
Fair Value
HTM securities: Fair value, due within 1 year	124
HTM securities: Fair value, after 1 year through 5 years	618
HTM securities: Fair value, after 5 years through 10 years	403
HTM securities: Fair value, after 10 years	195
HTM securities: Fair value, total	$ 1,340	1,105
Annualized Average Yield
HTM securities: Annualized average yield, due within 1 year (as a percent)	3.90%
HTM securities: Annualized average yield, after 1 years through 5 years (as a percent)	4.50%
HTM securities: Annualized average yield, after 5 years through 10 years (as a percent)	4%
HTM securities: Annualized average yield, after 10 year (as a percent)	7.40%
State and municipal securities
Amortized Cost
AFS securities: Amortized cost, due within 1 year	$ 852
AFS securities: Amortized cost, after 1 year through 5 years	215
AFS securities: Amortized cost, after 5 years through 10 years	49
AFS securities: Amortized cost, after 10 years	257
Amortized cost	1,373	1,132
Fair Value
AFS securities: Fair value, due within 1 year	852
AFS securities: Fair value, after 1 year through 5 years	214
AFS securities: Fair value, after 5 years through 10 years	48
AFS securities: Fair value, after 10 years	273
AFS securities: Fair value, total	$ 1,387	1,173
Annualized Average Yield
AFS securities: Annualized average yield, due within 1 year (as a percent)	4.90%
AFS securities: Annualized average yield, after 1 year through 5 years (as a percent)	4.70%
AFS securities: Annualized average yield, after 5 years through 10 years (as a percent)	5.80%
AFS securities: Annualized average yield, after 10 years (as a percent)	4.60%
FFELP student loan ABS
Amortized Cost
AFS securities: Amortized cost, due within 1 year	$ 12
AFS securities: Amortized cost, after 1 year through 5 years	113
AFS securities: Amortized cost, after 5 years through 10 years	24
AFS securities: Amortized cost, after 10 years	463
Amortized cost	612	810
Fair Value
AFS securities: Fair value, due within 1 year	11
AFS securities: Fair value, after 1 year through 5 years	110
AFS securities: Fair value, after 5 years through 10 years	23
AFS securities: Fair value, after 10 years	460
AFS securities: Fair value, total	$ 604	$ 792
Annualized Average Yield
AFS securities: Annualized average yield, due within 1 year (as a percent)	5.30%
AFS securities: Annualized average yield, after 1 year through 5 years (as a percent)	5.60%
AFS securities: Annualized average yield, after 5 years through 10 years (as a percent)	5.40%
AFS securities: Annualized average yield, after 10 years (as a percent)	5.80%

Investment Securities - Gross R

Investment Securities - Gross Realized Gains and Losses on Sales of AFS Securities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
AFS securities
Gross realized gains	$ 52	$ 70	$ 164
Gross realized (losses)	0	(21)	(94)
Total	$ 52	$ 49	$ 70

Collateralized Transactions - O

Collateralized Transactions - Offsetting of Certain Collateralized Transactions (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Securities purchased under agreements to resell
Gross Amounts	$ 409,635	$ 300,242
Amounts Offset	(291,070)	(189,502)
Balance Sheet Net Amounts	118,565	110,740
Amounts Not Offset	(116,157)	(108,893)
Net Amounts	2,408	1,847
Securities borrowed
Gross Amounts	165,642	142,453
Amounts Offset	(41,783)	(21,362)
Balance Sheet Net Amounts	123,859	121,091
Amounts Not Offset	(117,573)	(115,969)
Net Amounts	6,286	5,122
Securities sold under agreements to repurchase
Gross Amounts	341,137	252,153
Amounts Offset	(291,070)	(189,502)
Balance Sheet Net Amounts	50,067	62,651
Amounts Not Offset	(45,520)	(58,357)
Net Amounts	4,547	4,294
Securities loaned
Gross Amounts	57,009	36,419
Amounts Offset	(41,783)	(21,362)
Balance Sheet Net Amounts	15,226	15,057
Amounts Not Offset	(15,211)	(15,046)
Net Amounts	15	11
Net amounts for which master netting agreements are not in place or may not be legally enforceable
Securities purchased under agreements to resell	2,054	1,741
Securities borrowed	2,079	607
Securities sold under agreements to repurchase	3,448	3,014
Securities loaned	$ 0	$ 2

Collateralized Transactions - G

Collateralized Transactions - Gross Secured Financing Balances (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Gross Secured Financing Balances
Securities sold under agreements to repurchase	$ 341,137	$ 252,153
Securities loaned	57,009	36,419
Total included in the offsetting disclosure	398,146	288,572
Trading liabilities—Obligation to return securities received as collateral	18,067	13,528
Total	416,213	302,100
U.S. government and agency securities
Gross Secured Financing Balances
Securities sold under agreements to repurchase	177,464	98,377
Other sovereign government obligations
Gross Secured Financing Balances
Securities sold under agreements to repurchase	135,806	122,342
Securities loaned	1,805	1,379
Corporate equities
Gross Secured Financing Balances
Securities sold under agreements to repurchase	14,993	18,144
Securities loaned	54,144	34,434
Trading liabilities—Obligation to return securities received as collateral	18,059	13,502
Other
Gross Secured Financing Balances
Securities sold under agreements to repurchase	12,874	13,290
Securities loaned	1,060	606
Trading liabilities—Obligation to return securities received as collateral	8	26
Overnight and Open
Gross Secured Financing Balances
Securities sold under agreements to repurchase	180,793	80,376
Securities loaned	42,473	21,508
Total included in the offsetting disclosure	223,266	101,884
Trading liabilities—Obligation to return securities received as collateral	18,067	13,528
Total	241,333	115,412
Less than 30 Days
Gross Secured Financing Balances
Securities sold under agreements to repurchase	104,551	114,826
Securities loaned	0	1,345
Total included in the offsetting disclosure	104,551	116,171
Trading liabilities—Obligation to return securities received as collateral	0	0
Total	104,551	116,171
30-90 Days
Gross Secured Financing Balances
Securities sold under agreements to repurchase	25,071	25,510
Securities loaned	317	709
Total included in the offsetting disclosure	25,388	26,219
Trading liabilities—Obligation to return securities received as collateral	0	0
Total	25,388	26,219
Over 90 Days
Gross Secured Financing Balances
Securities sold under agreements to repurchase	30,722	31,441
Securities loaned	14,219	12,857
Total included in the offsetting disclosure	44,941	44,298
Trading liabilities—Obligation to return securities received as collateral	0	0
Total	$ 44,941	$ 44,298

Collateralized Transactions - A

Collateralized Transactions - Assets Loaned or Pledged (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Financial Instruments Owned and Pledged as Collateral [Line Items]
Financial Instrument, Owned, Pledged Status [Extensible Enumeration]	Asset Pledged as Collateral	Asset Pledged as Collateral
Trading assets	$ 331,884	$ 367,074
Asset Pledged as Collateral without Right
Financial Instruments Owned and Pledged as Collateral [Line Items]
Trading assets	$ 30,867	$ 37,522

Collateralized Transactions - C

Collateralized Transactions - Collateral Received (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Collateralized Agreements [Abstract]
Collateral received with right to sell or repledge	$ 932,626	$ 735,830
Collateral that was sold or repledged	$ 724,177	$ 553,386

Collateralized Transactions - N

Collateralized Transactions - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Collateralized Agreements [Abstract]
Offset of other secured financing liabilities against trade assets	$ 437	$ 3,472

Collateralized Transactions - S

Collateralized Transactions - Securities Segregated for Regulatory Purposes (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Collateralized Agreements [Abstract]
Segregated securities	$ 26,329	$ 20,670

Collateralized Transactions -_2

Collateralized Transactions - Concentration Based on the Firm's Total Assets (Details) - U.S. government and agency securities and other sovereign government obligations - Product Concentration Risk	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Trading assets
Financial Instruments Owned and Pledged as Collateral [Line Items]
Concentration risk (as a percent)	11%	12%
Off balance sheet—Collateral received
Financial Instruments Owned and Pledged as Collateral [Line Items]
Concentration risk (as a percent)	12%	11%

Collateralized Transactions -_3

Collateralized Transactions - Customer Margin and Other Lending (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Collateralized Agreements [Abstract]
Margin and other lending	$ 55,882	$ 45,644

Loans, Lending Commitments an_3

Loans, Lending Commitments and Related Allowance for Credit Losses - Loans by Type (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
HFI Loans
Total loans	$ 226,900	$ 204,554
ACL	(1,066)	(1,169)	$ (839)	$ (654)
Total loans	225,834	203,385
HFS Loans
Total loans	12,319	15,255
Total loans, net	12,319	15,255
Total Loans
Total Loans	239,219	219,809
ACL	(1,066)	(1,169)	(839)	(654)
Total loans, net	238,153	218,640
Loans to non-U.S. borrowers, net
HFI Loans
Total loans	23,335	21,152
HFS Loans
Total loans, net	4,763	5,043
Total Loans
Total loans, net	28,098	26,195
Corporate
HFI Loans
Total loans	6,889	6,758
ACL	(200)	(241)	(235)	(165)
HFS Loans
Total loans	9,183	11,862
Total Loans
Total Loans	16,072	18,620
ACL	(200)	(241)	(235)	(165)
Secured lending facilities
HFI Loans
Total loans	48,842	39,498
ACL	(140)	(153)	(153)	(163)
HFS Loans
Total loans	2,507	3,161
Total Loans
Total Loans	51,349	42,659
ACL	(140)	(153)	(153)	(163)
Commercial real estate
HFI Loans
Total loans	8,412	8,678
ACL	(373)	(463)	(275)	(206)
HFS Loans
Total loans	628	209
Total Loans
Total Loans	9,040	8,887
ACL	(373)	(463)	(275)	(206)
Residential real estate
HFI Loans
Total loans	66,738	60,375
ACL	(97)	(100)	(87)	(60)
HFS Loans
Total loans	0	22
Total Loans
Total Loans	66,738	60,397
ACL	(97)	(100)	(87)	(60)
Securities-based lending and Other loans
HFI Loans
Total loans	96,019	89,245
ACL	(256)	(212)	(89)	(60)
HFS Loans
Total loans	1	1
Total Loans
Total Loans	96,020	89,246
ACL	$ (256)	$ (212)	$ (89)	$ (60)

Loans, Lending Commitments an_4

Loans, Lending Commitments and Related Allowance for Credit Losses - Loans by Interest Rate Type (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fixed Rate	$ 56,492	$ 52,997
Floating or Adjustable Rate	182,727	166,812
Corporate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fixed Rate	0	0
Floating or Adjustable Rate	16,071	18,620
Secured lending facilities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fixed Rate	0	0
Floating or Adjustable Rate	51,349	42,659
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fixed Rate	0	141
Floating or Adjustable Rate	9,041	8,746
Residential real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fixed Rate	31,014	28,934
Floating or Adjustable Rate	35,724	31,464
Securities-based lending and Other loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fixed Rate	25,478	23,922
Floating or Adjustable Rate	$ 70,542	$ 65,323

Loans, Lending Commitments an_5

Loans, Lending Commitments and Related Allowance for Credit Losses - Loans Held for Investment before Allowance by Credit Quality and Origination Year (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 226,900	$ 204,554
Corporate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revolving	6,631	6,213
Current Fiscal Year	134	88
One Year Ago	50	166
Two Years Ago	25	104
Three Years Ago	15	54
Four Years Ago	34
Prior	0	133
Total	6,889	6,758
Secured lending facilities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revolving	39,158	31,734
Current Fiscal Year	3,681	2,994
One Year Ago	2,730	2,782
Two Years Ago	2,188	365
Three Years Ago	198	80
Four Years Ago	0
Prior	887	1,543
Total	48,842	39,498
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revolving	161	170
Current Fiscal Year	2,349	1,328
One Year Ago	1,123	2,184
Two Years Ago	1,793	1,864
Three Years Ago	1,769	756
Four Years Ago	430
Prior	787	2,376
Total	8,412	8,678
Residential real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revolving	180	149
Current Fiscal Year	10,451	9,137
One Year Ago	8,410	13,740
Two Years Ago	12,962	13,690
Three Years Ago	12,985	8,450
Four Years Ago	7,937
Prior	13,813	15,209
Total	66,738	60,375
Residential real estate | Less than or equal to 80%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revolving	180	149
Current Fiscal Year	9,458	8,168
One Year Ago	7,529	12,650
Two Years Ago	11,941	12,763
Three Years Ago	12,094	8,017
Four Years Ago	7,529
Prior	12,826	14,106
Total	61,557	55,853
Residential real estate | Greater than 80%
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revolving	0	0
Current Fiscal Year	993	969
One Year Ago	881	1,090
Two Years Ago	1,021	927
Three Years Ago	891	433
Four Years Ago	408
Prior	987	1,103
Total	5,181	4,522
Residential real estate | Greater than or equal to 740
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revolving	136	108
Current Fiscal Year	8,653	7,390
One Year Ago	6,778	10,927
Two Years Ago	10,294	11,075
Three Years Ago	10,510	6,916
Four Years Ago	6,494
Prior	10,594	11,642
Total	53,459	48,058
Residential real estate | 680-739
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revolving	39	33
Current Fiscal Year	1,607	1,517
One Year Ago	1,431	2,424
Two Years Ago	2,298	2,376
Three Years Ago	2,247	1,430
Four Years Ago	1,346
Prior	2,825	3,131
Total	11,793	10,911
Residential real estate | Less than or equal to 679
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revolving	5	8
Current Fiscal Year	191	230
One Year Ago	201	389
Two Years Ago	370	239
Three Years Ago	228	104
Four Years Ago	97
Prior	394	436
Total	1,486	1,406
Securities-based lending and Other loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revolving	84,325	78,066
Current Fiscal Year	2,463	2,585
One Year Ago	2,058	2,748
Two Years Ago	1,974	872
Three Years Ago	652	849
Four Years Ago	755
Prior	3,792	4,125
Total	96,019	89,245
Securities-based lending
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revolving	76,432	71,474
Current Fiscal Year	1,291	1,612
One Year Ago	949	1,128
Two Years Ago	449	165
Three Years Ago	100	0
Four Years Ago	39
Prior	231	215
Total	79,491	74,594
Investment grade | Corporate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revolving	2,668	2,350
Current Fiscal Year	76	0
One Year Ago	0	0
Two Years Ago	0	15
Three Years Ago	15	29
Four Years Ago	31
Prior	0	0
Total	2,790	2,394
Investment grade | Secured lending facilities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revolving	11,405	9,494
Current Fiscal Year	818	1,535
One Year Ago	1,371	392
Two Years Ago	279	0
Three Years Ago	0	0
Four Years Ago	0
Prior	100	356
Total	13,973	11,777
Investment grade | Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revolving	0	0
Current Fiscal Year	147	261
One Year Ago	351	284
Two Years Ago	305	370
Three Years Ago	166	0
Four Years Ago	0
Prior	0	195
Total	969	1,110
Investment grade | Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revolving	6,342	5,230
Current Fiscal Year	719	627
One Year Ago	424	816
Two Years Ago	472	330
Three Years Ago	14	435
Four Years Ago	219
Prior	1,211	2,096
Total	9,401	9,534
Non-investment grade | Corporate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revolving	3,963	3,863
Current Fiscal Year	58	88
One Year Ago	50	166
Two Years Ago	25	89
Three Years Ago	0	25
Four Years Ago	3
Prior	0	133
Total	4,099	4,364
Non-investment grade | Secured lending facilities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revolving	27,753	22,240
Current Fiscal Year	2,863	1,459
One Year Ago	1,359	2,390
Two Years Ago	1,909	365
Three Years Ago	198	80
Four Years Ago	0
Prior	787	1,187
Total	34,869	27,721
Non-investment grade | Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revolving	161	170
Current Fiscal Year	2,202	1,067
One Year Ago	772	1,900
Two Years Ago	1,488	1,494
Three Years Ago	1,603	756
Four Years Ago	430
Prior	787	2,181
Total	7,443	7,568
Non-investment grade | Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revolving	1,551	1,362
Current Fiscal Year	453	346
One Year Ago	685	804
Two Years Ago	1,053	377
Three Years Ago	538	414
Four Years Ago	497
Prior	2,350	1,814
Total	$ 7,127	$ 5,117

Loans, Lending Commitments an_6

Loans, Lending Commitments and Related Allowance for Credit Losses - Past Due Status of Loans Held for Investment before Allowance (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	$ 226,900	$ 204,554
Corporate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	6,889	6,758
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	8,412	8,678
Residential real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	66,738	60,375
Securities-based lending and Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	96,019	89,245
Past due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	544	393
Past due | Corporate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	0	47
Past due | Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	272	185
Past due | Residential real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	186	160
Past due | Securities-based lending and Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	$ 86	$ 1

Loans, Lending Commitments an_7

Loans, Lending Commitments and Related Allowance for Credit Losses - Nonaccrual Loans Held for Investment before Allowance (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual loans	$ 1,019	$ 877
Nonaccrual loans without an ACL	162	86
Corporate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual loans	108	95
Secured lending facilities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual loans	6	87
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual loans	447	426
Residential real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual loans	160	95
Securities-based lending and Other loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual loans	$ 298	$ 174

Loans, Lending Commitments an_8

Loans, Lending Commitments and Related Allowance for Credit Losses - Modified Loans Held for Investment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Modified [Line Items]
Amortized Cost	$ 746	$ 1,062
Term Extension
Financing Receivable, Modified [Line Items]
Amortized Cost	$ 562	$ 528
Percent of total loans	0.40%	0.30%
Other-than-insignificant Payment Delay
Financing Receivable, Modified [Line Items]
Amortized Cost	$ 0	$ 71
Percent of total loans	0%	0.10%
Interest Rate Reduction
Financing Receivable, Modified [Line Items]
Amortized Cost	$ 2	$ 0
Percent of total loans	0%	0%
Multiple Modifications - Term Extension and Other-than-insignificant Payment Delay
Financing Receivable, Modified [Line Items]
Amortized Cost	$ 0	$ 24
Percent of total loans	0%	0.30%
Multiple Modifications - Term Extension and Interest Rate Reduction
Financing Receivable, Modified [Line Items]
Amortized Cost	$ 82	$ 1
Percent of total loans	0.10%	0%
Corporate
Financing Receivable, Modified [Line Items]
Amortized Cost	$ 646	$ 624
Percent of total loans	0.30%	0.40%
Corporate | Term Extension
Financing Receivable, Modified [Line Items]
Amortized Cost	$ 211	$ 183
Percent of total loans	3.10%	2.70%
Corporate | Term Extension | Single Modifications
Financing Receivable, Modified [Line Items]
Weighted average term increase from modification	15 months	22 months
Corporate | Other-than-insignificant Payment Delay | Single Modifications
Financing Receivable, Modified [Line Items]
Weighted average term increase from modification	0 months	0 months
Corporate | Principal Forgiveness | Single Modifications
Financing Receivable, Modified [Line Items]
Amortized Cost	$ 0	$ 0
Corporate | Interest Rate Reduction | Single Modifications
Financing Receivable, Modified [Line Items]
Percent of total loans	0%	0%
Secured lending facilities | Single Modifications
Financing Receivable, Modified [Line Items]
Percent of total loans	0%
Secured lending facilities | Term Extension
Financing Receivable, Modified [Line Items]
Amortized Cost	$ 41	$ 0
Percent of total loans	0.10%	0%
Secured lending facilities | Term Extension | Single Modifications
Financing Receivable, Modified [Line Items]
Weighted average term increase from modification	2 months
Secured lending facilities | Other-than-insignificant Payment Delay | Single Modifications
Financing Receivable, Modified [Line Items]
Weighted average term increase from modification	0 months
Secured lending facilities | Principal Forgiveness | Single Modifications
Financing Receivable, Modified [Line Items]
Amortized Cost	$ 0
Commercial real estate | Term Extension
Financing Receivable, Modified [Line Items]
Amortized Cost	$ 172	$ 199
Percent of total loans	2%	2.30%
Commercial real estate | Term Extension | Single Modifications
Financing Receivable, Modified [Line Items]
Weighted average term increase from modification	11 months	50 months
Commercial real estate | Term Extension | Multiple Modifications - Term Extension and Interest Rate Reduction
Financing Receivable, Modified [Line Items]
Weighted average term increase from modification	61 months
Commercial real estate | Term Extension | Multiple Modifications - Term Extension and Other-than-insignificant Payment Delay
Financing Receivable, Modified [Line Items]
Weighted average term increase from modification		7 months
Commercial real estate | Other-than-insignificant Payment Delay | Single Modifications
Financing Receivable, Modified [Line Items]
Weighted average term increase from modification	0 months	0 months
Commercial real estate | Other-than-insignificant Payment Delay | Multiple Modifications - Term Extension and Interest Rate Reduction
Financing Receivable, Modified [Line Items]
Weighted average term increase from modification	0 months
Commercial real estate | Other-than-insignificant Payment Delay | Multiple Modifications - Term Extension and Other-than-insignificant Payment Delay
Financing Receivable, Modified [Line Items]
Weighted average term increase from modification		6 months
Commercial real estate | Principal Forgiveness | Single Modifications
Financing Receivable, Modified [Line Items]
Amortized Cost	$ 0	$ 0
Commercial real estate | Principal Forgiveness | Multiple Modifications - Term Extension and Interest Rate Reduction
Financing Receivable, Modified [Line Items]
Amortized Cost	$ 0
Commercial real estate | Principal Forgiveness | Multiple Modifications - Term Extension and Other-than-insignificant Payment Delay
Financing Receivable, Modified [Line Items]
Amortized Cost		$ 0
Commercial real estate | Interest Rate Reduction | Single Modifications
Financing Receivable, Modified [Line Items]
Percent of total loans	0%	0%
Commercial real estate | Interest Rate Reduction | Multiple Modifications - Term Extension and Interest Rate Reduction
Financing Receivable, Modified [Line Items]
Percent of total loans	2%
Commercial real estate | Interest Rate Reduction | Multiple Modifications - Term Extension and Other-than-insignificant Payment Delay
Financing Receivable, Modified [Line Items]
Percent of total loans		0%
Commercial real estate | Multiple Modifications - Term Extension and Other-than-insignificant Payment Delay
Financing Receivable, Modified [Line Items]
Amortized Cost	$ 0	$ 24
Percent of total loans	0%
Commercial real estate | Multiple Modifications - Term Extension and Interest Rate Reduction
Financing Receivable, Modified [Line Items]
Amortized Cost	$ 81	$ 0
Percent of total loans	1%	0%
Residential real estate | Term Extension
Financing Receivable, Modified [Line Items]
Amortized Cost	$ 0	$ 1
Percent of total loans	0%	0.10%
Residential real estate | Term Extension | Single Modifications
Financing Receivable, Modified [Line Items]
Weighted average term increase from modification	0 months	4 months
Residential real estate | Term Extension | Multiple Modifications - Term Extension and Interest Rate Reduction
Financing Receivable, Modified [Line Items]
Weighted average term increase from modification	84 months	120 months
Residential real estate | Other-than-insignificant Payment Delay | Single Modifications
Financing Receivable, Modified [Line Items]
Weighted average term increase from modification	0 months	0 months
Residential real estate | Other-than-insignificant Payment Delay | Multiple Modifications - Term Extension and Interest Rate Reduction
Financing Receivable, Modified [Line Items]
Weighted average term increase from modification	0 months	0 months
Residential real estate | Principal Forgiveness | Single Modifications
Financing Receivable, Modified [Line Items]
Amortized Cost	$ 0	$ 0
Residential real estate | Principal Forgiveness | Multiple Modifications - Term Extension and Interest Rate Reduction
Financing Receivable, Modified [Line Items]
Amortized Cost	0	0
Residential real estate | Interest Rate Reduction
Financing Receivable, Modified [Line Items]
Amortized Cost	$ 2	$ 0
Percent of total loans	0%	0%
Residential real estate | Interest Rate Reduction | Single Modifications
Financing Receivable, Modified [Line Items]
Percent of total loans	1%	0%
Residential real estate | Interest Rate Reduction | Multiple Modifications - Term Extension and Interest Rate Reduction
Financing Receivable, Modified [Line Items]
Percent of total loans	1%	1%
Residential real estate | Multiple Modifications - Term Extension and Interest Rate Reduction
Financing Receivable, Modified [Line Items]
Amortized Cost	$ 1	$ 1
Percent of total loans	0%	0%
Securities-based lending and Other loans | Single Modifications
Financing Receivable, Modified [Line Items]
Percent of total loans	0%
Securities-based lending and Other loans | Term Extension
Financing Receivable, Modified [Line Items]
Amortized Cost	$ 138	$ 145
Percent of total loans	0.10%	0.20%
Securities-based lending and Other loans | Term Extension | Single Modifications
Financing Receivable, Modified [Line Items]
Weighted average term increase from modification	21 months	7 months
Securities-based lending and Other loans | Other-than-insignificant Payment Delay
Financing Receivable, Modified [Line Items]
Amortized Cost	$ 0	$ 71
Percent of total loans	0%	0.10%
Securities-based lending and Other loans | Other-than-insignificant Payment Delay | Single Modifications
Financing Receivable, Modified [Line Items]
Weighted average term increase from modification	0 months	6 months
Securities-based lending and Other loans | Principal Forgiveness | Single Modifications
Financing Receivable, Modified [Line Items]
Amortized Cost	$ 0	$ 0
Securities-based lending and Other loans | Interest Rate Reduction | Single Modifications
Financing Receivable, Modified [Line Items]
Percent of total loans		0%

Loans, Lending Commitments an_9

Loans, Lending Commitments and Related Allowance for Credit Losses - Past Due Status for Loans Held for Investment Modified in the Last 12 Months (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($)
Financing Receivable, Modified, Subsequent Default [Line Items]
Total loans	$ 226,900	$ 204,554
Total
Financing Receivable, Modified, Subsequent Default [Line Items]
Total loans		46
30-89 Days Past Due
Financing Receivable, Modified, Subsequent Default [Line Items]
Total loans		24
90+ Days Past Due
Financing Receivable, Modified, Subsequent Default [Line Items]
Total loans		22
Commercial real estate
Financing Receivable, Modified, Subsequent Default [Line Items]
Total loans	8,412	8,678
Commercial real estate | Total
Financing Receivable, Modified, Subsequent Default [Line Items]
Total loans	56	45
Commercial real estate | 30-89 Days Past Due
Financing Receivable, Modified, Subsequent Default [Line Items]
Total loans	0	24
Commercial real estate | 90+ Days Past Due
Financing Receivable, Modified, Subsequent Default [Line Items]
Total loans	$ 56	21
Comercial real estate loans | loan	2
Residential real estate
Financing Receivable, Modified, Subsequent Default [Line Items]
Total loans	$ 66,738	60,375
Residential real estate | Total
Financing Receivable, Modified, Subsequent Default [Line Items]
Total loans		1
Residential real estate | 30-89 Days Past Due
Financing Receivable, Modified, Subsequent Default [Line Items]
Total loans		0
Residential real estate | 90+ Days Past Due
Financing Receivable, Modified, Subsequent Default [Line Items]
Total loans		$ 1

Loans, Lending Commitments a_10

Loans, Lending Commitments and Related Allowance for Credit Losses - Allowance for Credit Losses Rollforward - Loans and Lending Commitments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Allowance for loan losses rollforward
Beginning balance	$ 1,169	$ 839	$ 654
Gross charge-offs	(242)	(167)	(31)
Recoveries	7	2	7
Net (charge-offs)/recoveries	(235)	(165)	(24)
Provision (release)	146	488	216
Other	(14)	7	(7)
Ending balance	$ 1,066	$ 1,169	$ 839
Percent of loans to total loans	100%	100%	100%
Allowance for lending commitments rollforward
Beginning balance	$ 551	$ 504	$ 444
Provision (release)	118	44	64
Other	(13)	3	(4)
Ending balance	656	551	504
Total ending balance	1,722	1,720	1,343
Corporate
Allowance for loan losses rollforward
Beginning balance	241	235	165
Gross charge-offs	(39)	(34)	0
Recoveries	0	1	6
Net (charge-offs)/recoveries	(39)	(33)	6
Provision (release)	2	37	65
Other	(4)	2	(1)
Ending balance	$ 200	$ 241	$ 235
Percent of loans to total loans	3%	3%	3%
Allowance for lending commitments rollforward
Beginning balance	$ 431	$ 411	$ 356
Provision (release)	86	16	59
Other	(10)	4	(4)
Ending balance	507	431	411
Total ending balance	707	672	646
Secured lending facilities
Allowance for loan losses rollforward
Beginning balance	153	153	163
Gross charge-offs	(11)	0	(3)
Recoveries	0	0	0
Net (charge-offs)/recoveries	(11)	0	(3)
Provision (release)	1	0	(6)
Other	(3)	0	(1)
Ending balance	$ 140	$ 153	$ 153
Percent of loans to total loans	22%	19%	18%
Allowance for lending commitments rollforward
Beginning balance	$ 70	$ 51	$ 41
Provision (release)	19	18	10
Other	(1)	1	0
Ending balance	88	70	51
Total ending balance	228	223	204
Commercial real estate
Allowance for loan losses rollforward
Beginning balance	463	275	206
Gross charge-offs	(165)	(129)	(7)
Recoveries	4	0	0
Net (charge-offs)/recoveries	(161)	(129)	(7)
Provision (release)	77	314	80
Other	(6)	3	(4)
Ending balance	$ 373	$ 463	$ 275
Percent of loans to total loans	4%	4%	4%
Allowance for lending commitments rollforward
Beginning balance	$ 26	$ 15	$ 20
Provision (release)	16	11	(5)
Other	(2)	0	0
Ending balance	40	26	15
Total ending balance	413	489	290
Residential real estate
Allowance for loan losses rollforward
Beginning balance	100	87	60
Gross charge-offs	0	0	0
Recoveries	0	1	1
Net (charge-offs)/recoveries	0	1	1
Provision (release)	(3)	13	26
Other	0	(1)	0
Ending balance	$ 97	$ 100	$ 87
Percent of loans to total loans	29%	30%	27%
Allowance for lending commitments rollforward
Beginning balance	$ 4	$ 4	$ 1
Provision (release)	0	0	3
Other	0	0	0
Ending balance	4	4	4
Total ending balance	101	104	91
SBL and Other
Allowance for loan losses rollforward
Beginning balance	212	89	60
Gross charge-offs	(27)	(4)	(21)
Recoveries	3	0	0
Net (charge-offs)/recoveries	(24)	(4)	(21)
Provision (release)	69	124	51
Other	(1)	3	(1)
Ending balance	$ 256	$ 212	$ 89
Percent of loans to total loans	42%	44%	48%
Allowance for lending commitments rollforward
Beginning balance	$ 20	$ 23	$ 26
Provision (release)	(3)	(1)	(3)
Other	0	(2)	0
Ending balance	17	20	23
Total ending balance	$ 273	$ 232	$ 112

Loans, Lending Commitments a_11

Loans, Lending Commitments and Related Allowance for Credit Losses - Gross Charge-offs by Origination Year (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable and Allowance for Credit Losses
Revolving	$ (39)	$ (34)
2022	(18)
2021	(16)
2020	(11)	(3)
2019		(86)
Prior	(158)
Prior		(44)
Total	(242)	(167)
Corporate
Financing Receivable and Allowance for Credit Losses
Revolving	(39)	(34)
2022	0
2021	0
2020	0	0
2019		0
Prior	0
Prior		0
Total	(39)	(34)
Secured lending facilities
Financing Receivable and Allowance for Credit Losses
Revolving	0	0
2022	0
2021	0
2020	(11)	0
2019		0
Prior	0
Prior		0
Total	(11)	0
Commercial real estate
Financing Receivable and Allowance for Credit Losses
Revolving	0	0
2022	(18)
2021	(14)
2020	0	0
2019		(85)
Prior	(133)
Prior		(44)
Total	(165)	(129)
Residential real estate
Financing Receivable and Allowance for Credit Losses
Revolving	0	0
2022	0
2021	0
2020	0	0
2019		0
Prior	0
Prior		0
Total	0	0
Securities-based lending and Other loans
Financing Receivable and Allowance for Credit Losses
Revolving	0	0
2022	0
2021	(2)
2020	0	(3)
2019		(1)
Prior	(25)
Prior		0
Total	$ (27)	$ (4)

Loans, Lending Commitments a_12

Loans, Lending Commitments and Related Allowance for Credit Losses - Schedule of Selected Credit Ratios (Details)	Dec. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
ACL for loans to total HFI loans	0.50%	0.60%
Nonaccrual HFI loans to total HFI loans	0.40%	0.40%
ACL for loans to nonaccrual HFI loans	104.60%	133.30%

Loans, Lending Commitments a_13

Loans, Lending Commitments and Related Allowance for Credit Losses - Employee Loans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Employee Loans [Line Items]
Other receivables	$ 86,158	$ 80,105
Employee loans	4,338	4,349
ACL	(112)	(121)
Employee loans, net of ACL	$ 4,226	$ 4,228
Remaining repayment term, weighted average in years	5 years 7 months 6 days	5 years 9 months 18 days
Currently employed by the Firm | Related Party
Employee Loans [Line Items]
Other receivables	$ 4,255	$ 4,257
No longer employed by the Firm | Related Party
Employee Loans [Line Items]
Other receivables	$ 83	$ 92

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Goodwill Rollforward (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill Roll Forward
Balance at beginning of period	$ 16,707,000,000	$ 16,652,000,000
Foreign currency	(23,000,000)	4,000,000
Acquired	23,000,000	56,000,000
Disposals	(1,000,000)	(5,000,000)
Balance at end of period	16,706,000,000	16,707,000,000	$ 16,652,000,000
Goodwill, Impaired, Accumulated Impairment Loss
Accumulated impairments	700,000,000
Impairment	0	0	0
IS
Goodwill Roll Forward
Balance at beginning of period	424,000,000	429,000,000
Foreign currency	(12,000,000)	(5,000,000)
Acquired	23,000,000	0
Disposals	0	0
Balance at end of period	435,000,000	424,000,000	429,000,000
Goodwill, Impaired, Accumulated Impairment Loss
Accumulated impairments	673,000,000
WM
Goodwill Roll Forward
Balance at beginning of period	10,199,000,000	10,202,000,000
Foreign currency	(8,000,000)	2,000,000
Acquired	0	0
Disposals	(1,000,000)	(5,000,000)
Balance at end of period	10,190,000,000	10,199,000,000	10,202,000,000
Goodwill, Impaired, Accumulated Impairment Loss
Accumulated impairments	0
IM
Goodwill Roll Forward
Balance at beginning of period	6,084,000,000	6,021,000,000
Foreign currency	(3,000,000)	7,000,000
Acquired	0	56,000,000
Disposals	0	0
Balance at end of period	6,081,000,000	$ 6,084,000,000	$ 6,021,000,000
Goodwill, Impaired, Accumulated Impairment Loss
Accumulated impairments	$ 27,000,000

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Net Amortizable Intangible Assets Rollforward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	$ 7,055	$ 7,618
Acquired	13	46
Disposals	(6)	(13)
Amortization expense	(602)	(601)
Other	(7)	5
Ending balance	6,453	7,055
IS
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	26	36
Acquired	13	0
Disposals	0	0
Amortization expense	(10)	(10)
Other	(2)	0
Ending balance	27	26
WM
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	3,427	3,911
Acquired	0	9
Disposals	(6)	(13)
Amortization expense	(479)	(481)
Other	(3)	1
Ending balance	2,939	3,427
IM
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	3,602	3,671
Acquired	0	37
Disposals	0	0
Amortization expense	(113)	(110)
Other	(2)	4
Ending balance	$ 3,487	$ 3,602

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Gross Amortizable Intangible Assets by Type (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Amortizable Intangible Assets
Non-amortizable assets - gross carrying amount	$ 2,112	$ 2,113
Amortizable assets - gross carrying amount	9,786	9,789
Accumulated Amortization	5,445	4,847
Management contracts
Amortizable Intangible Assets
Non-amortizable assets - gross carrying amount	2,112	2,113
Amortizable assets - gross carrying amount	245	245
Accumulated Amortization	93	72
Customer relationships
Amortizable Intangible Assets
Non-amortizable assets - gross carrying amount	0	0
Amortizable assets - gross carrying amount	8,746	8,763
Accumulated Amortization	5,121	4,582
Trade names
Amortizable Intangible Assets
Non-amortizable assets - gross carrying amount	0	0
Amortizable assets - gross carrying amount	769	767
Accumulated Amortization	223	187
Other
Amortizable Intangible Assets
Non-amortizable assets - gross carrying amount	0	0
Amortizable assets - gross carrying amount	26	14
Accumulated Amortization	$ 8	$ 6

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Intangible Assets Estimated Future Amortization Expense (Details) $ in Millions	Dec. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 451
2026	343
2027	340
2028	336
2029	$ 333

Other Assets and Leases - Equit

Other Assets and Leases - Equity Method Investments (Details) - IM - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Equity Method Investments
Investments	$ 1,869	$ 1,915
Income (loss)	$ 241	$ 124	$ 39

Other Assets and Leases- Invest

Other Assets and Leases- Investees (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Mitsubishi UFJ Morgan Stanley Securities Co., Ltd
Equity Method Investments
Income (loss) from investment in MUMSS	$ 146	$ 129	$ 35

Other Assets and Leases - Tax E

Other Assets and Leases - Tax Equity Investments under the Proportional Amortization Method (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Equity Method Investments
Total proportional amortization method investment	$ 1,854	$ 1,699
Investment, Proportional Amortization Method, Elected, Statement of Financial Position [Extensible Enumeration]	Other assets
Unfunded equity contributions	$ 613	661
Funding period	5 years
Excluded tax equity investments	$ 48
Investment Program, Proportional Amortization Method, Elected, Income Tax Credit and Other Income Tax Benefit, after Amortization, Statement of Cash Flows [Extensible Enumeration]	Depreciation and amortization
Low Income Housing
Equity Method Investments
Total proportional amortization method investment	$ 1,787	1,699
Renewable Energy and Other
Equity Method Investments
Total proportional amortization method investment	$ 67	$ 0

Other Assets and Leases - Net B

Other Assets and Leases - Net Benefits Attributable to Tax Equity Investments under the Proportional Amortization Method (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Income tax credits and other income tax benefits	$ 301	$ 237	$ 208
Proportional amortization	(239)	(197)	(174)
Net benefits	$ 62	$ 40	$ 34
Investment Program, Proportional Amortization Method, Elected, Income Tax Credit and Other Income Tax Benefit, before Amortization, Statement of Income or Comprehensive Income [Extensible Enumeration]	Provision for income taxes
Investment Program, Proportional Amortization Method, Elected, Income Tax Credit and Other Income Tax Benefit, after Amortization, Statement of Cash Flows [Extensible Enumeration]	Depreciation and amortization
Investment Program, Proportional Amortization Method, Applied, Amortization Expense, Statement of Income or Comprehensive Income [Extensible Enumeration]	Provision for income taxes

Other Assets and Leases - Narra

Other Assets and Leases - Narrative (Details)	Dec. 31, 2024
Morgan Stanley MUFG Securities Co., Ltd.
Equity Method Investments
Voting/ economic interest (as a percent)	40%
Morgan Stanley MUFG Securities Co., Ltd. | IS
Equity Method Investments
Voting/ economic interest (as a percent)	51%
Morgan Stanley MUFG Securities Co., Ltd. | MUFG
Equity Method Investments
Voting/ economic interest (as a percent)	60%
Mitsubishi UFJ Morgan Stanley Securities Co., Ltd
Equity Method Investments
Voting/ economic interest (as a percent)	40%

Other Assets and Leases - Balan

Other Assets and Leases - Balance Sheet Amounts Related to Leases (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Other assets—ROU assets	$ 4,114	$ 4,368
Other liabilities and accrued expenses—Lease liabilities	$ 4,937	$ 5,417
Weighted average:
Remaining lease term, in years	8 years 6 months	8 years 8 months 12 days
Discount rate (as a percent)	4.30%	4%
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities

Other Assets and Leases - Lease

Other Assets and Leases - Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Equity Method Investments
Year One	$ 772	$ 913
Year Two	790	846
Year Three	736	774
Year Four	716	716
Year Five	562	644
Year Six		500
Thereafter	2,405
Thereafter		2,137
Total undiscounted cash flows	5,981	6,530
Imputed interest	(1,044)	(1,113)
Amount on balance sheet	4,937	5,417
Operating Lease, Lease Not yet Commenced
Equity Method Investments
Committed leases not yet commenced	$ 63	$ 248

Other Assets and Leases - Lea_2

Other Assets and Leases - Lease Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Fixed costs	$ 917	$ 938	$ 841
Variable costs	181	206	170
Less: Sublease income	(6)	(10)	(7)
Total lease cost, net	$ 1,092	$ 1,134	$ 1,004

Other Assets and Leases - Cash

Other Assets and Leases - Cash Flows Statement Supplemental Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Cash outflows—Lease liabilities	$ 942	$ 892	$ 881
Non-cash—ROU assets recorded for new and modified leases	$ 489	$ 1,055	$ 544

Deposits - Summary (Details)

Deposits - Summary (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Deposits [Abstract]
Savings and demand deposits	$ 299,898	$ 288,252
Time deposits	76,109	63,552
Total deposits	376,007	351,804
Deposits subject to FDIC insurance	298,351	276,598
Deposits not subject to FDIC insurance	$ 77,656	$ 75,206

Deposits - Time Deposit Maturit

Deposits - Time Deposit Maturities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Time Deposit Maturities
2025	$ 38,046
2026	18,016
2027	9,433
2028	6,047
2029	4,148
Thereafter	419
Total	76,109	$ 63,552
Non-U.S.
Uninsured Non-U.S. Time Deposit Maturities
Less than 3 months	2,659
3 - 6 months	431
6 - 12 months	390
Over 12 months	0
Total	$ 3,480

Deposits - Deposits in U.S Bank

Deposits - Deposits in U.S Banks from non-U.S. Depositors (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Deposits [Abstract]
Deposits in U.S. bank subsidiaries from non-U.S. depositors	$ 700	$ 880

Borrowings and Other Secured _3

Borrowings and Other Secured Financings - Maturities and Terms of Borrowings (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Original maturities of one year or less:
Next 12 months	$ 4,512	$ 3,188
Original maturities greater than one year:
Year 1	21,921	20,151
Year 2	37,969	35,523
Year 3	34,050	35,423
Year 4	28,719	25,338
Year 5	26,159	21,239
Year 6		22,193
After year 5	135,489
After year 6		100,677
Total	284,307	260,544
Total	$ 288,819	$ 263,732
Weighted average coupon at period end (as a percent)	4.10%	3.60%	3.20%
Parent Company
Original maturities greater than one year:
Total	$ 182,126	$ 176,884
Total	182,127	$ 176,884
Parent Company | Fixed Rate
Original maturities of one year or less:
Next 12 months	0
Original maturities greater than one year:
Year 1	6,617
Year 2	23,288
Year 3	18,833
Year 4	12,478
Year 5	16,129
After year 5	96,378
Total	173,723
Total	$ 173,723
Weighted average coupon at period end (as a percent)	3.90%
Parent Company | Variable Rate
Original maturities of one year or less:
Next 12 months	$ 0
Original maturities greater than one year:
Year 1	927
Year 2	1,450
Year 3	1,883
Year 4	1,366
Year 5	189
After year 5	2,508
Total	8,323
Total	$ 8,323
Weighted average coupon at period end (as a percent)	4.90%
Subsidiaries | Fixed Rate
Original maturities of one year or less:
Next 12 months	$ 146
Original maturities greater than one year:
Year 1	2,672
Year 2	3,828
Year 3	3,452
Year 4	5,808
Year 5	1,278
After year 5	11,499
Total	28,537
Total	$ 28,683
Weighted average coupon at period end (as a percent)	5.10%
Subsidiaries | Variable Rate
Original maturities of one year or less:
Next 12 months	$ 4,366
Original maturities greater than one year:
Year 1	11,705
Year 2	9,403
Year 3	9,882
Year 4	9,067
Year 5	8,563
After year 5	25,104
Total	73,724
Total	$ 78,090
Weighted average coupon at period end (as a percent)	5.90%

Borrowings and Other Secured _4

Borrowings and Other Secured Financings - Borrowings with Maturities Greater than One Year (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Senior	$ 270,594	$ 248,174
Subordinated	13,713	12,370
Total	$ 284,307	$ 260,544
Weighted average stated maturity, in years	6 years 7 months 6 days	6 years 7 months 6 days

Borrowings and Other Secured _5

Borrowings and Other Secured Financings - Senior Debt Subject to Put Options or Liquidity Obligations (Details) - Senior Debt - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Put options embedded in debt agreements	$ 429	$ 1,571
Liquidity obligations	$ 3,597	$ 3,166

Borrowings and Other Secured _6

Borrowings and Other Secured Financings - Subordinated Debt (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Subordinated Debt
Debt Instrument [Line Items]
Contractual weighted average coupon (as a percent)	4.50%	4.30%

Borrowings and Other Secured _7

Borrowings and Other Secured Financings - Rates for Long-Term Borrowings (Details)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Contractual weighted average coupon (as a percent)	4.10%	3.60%	3.20%
Weighted average coupon after hedging derivatives (as a percent)	5.60%	6.50%	5.10%

Borrowings and Other Secured _8

Borrowings and Other Secured Financings - Other Secured Financings (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Secured financings with original maturities one year or less	$ 17,133	$ 5,732
Secured financings with original maturities greater than one year	4,469	6,923
Total other secured financings	21,602	12,655
Transfers of assets accounted for as secured financings	$ 10,275	$ 5,848

Borrowings and Other Secured _9

Borrowings and Other Secured Financings - Maturities and Terms of Secured Financings (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Original maturities of one year or less:
Next 12 months	$ 4,512	$ 3,188
Original maturities greater than one year:
Year 1	21,921	20,151
Year 2	37,969	35,523
Year 3	34,050	35,423
Year 4	28,719	25,338
Year 5	26,159	21,239
Year 6		22,193
After year 5	135,489
After year 6		100,677
Total	284,307	260,544
Secured Financings
Original maturities of one year or less:
Next 12 months	7,006	8
Original maturities greater than one year:
Year 1	2,389	5,085
Year 2	690	95
Year 3	107	92
Year 4	453	0
Year 5	0	434
Year 6		0
After year 5	682
After year 6		1,093
Total	$ 4,321	$ 6,799
Weighted average coupon at period end (as a percent)	4.60%	5.60%
Secured Financings | Fixed Rate
Original maturities of one year or less:
Next 12 months	$ 3,055
Original maturities greater than one year:
Year 1	0
Year 2	7
Year 3	0
Year 4	0
Year 5	0
After year 5	7
Total	$ 14
Weighted average coupon at period end (as a percent)	4.60%
Secured Financings | Variable Rate
Original maturities of one year or less:
Next 12 months	$ 3,951
Original maturities greater than one year:
Year 1	2,389
Year 2	683
Year 3	107
Year 4	453
Year 5	0
After year 5	675
Total	$ 4,307
Weighted average coupon at period end (as a percent)	4.90%

Borrowings and Other Secured_10

Borrowings and Other Secured Financings - Failed Sales by Maturity (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Year 1	$ 10,184	$ 5,749
Year 2	42	9
Year 3	5	36
Year 4	12	21
Year 5	5	11
After year 5	27
Year 6		3
After year 6		19
Total	$ 10,275	$ 5,848

Commitments, Guarantees and C_3

Commitments, Guarantees and Contingencies - Commitments (Details) $ in Millions	Dec. 31, 2024 USD ($)
Commitment, Fiscal Year Maturity
Less than 1 (year)	$ 165,885
1-3 (years)	52,453
3-5 (years)	73,018
Over 5 (years)	32,473
Total	323,829
Forward-starting secured financing receivables
Commitment, Fiscal Year Maturity
Less than 1 (year)	122,535
1-3 (years)	1,503
3-5 (years)	0
Over 5 (years)	0
Total	124,038
Central counterparty
Commitment, Fiscal Year Maturity
Less than 1 (year)	300
1-3 (years)	0
3-5 (years)	0
Over 5 (years)	20,747
Total	21,047
Investment activities
Commitment, Fiscal Year Maturity
Less than 1 (year)	1,509
1-3 (years)	107
3-5 (years)	84
Over 5 (years)	466
Total	2,166
Letters of credit and other financial guarantees
Commitment, Fiscal Year Maturity
Less than 1 (year)	39
1-3 (years)	2
3-5 (years)	0
Over 5 (years)	6
Total	47
Corporate
Commitment, Fiscal Year Maturity
Less than 1 (year)	17,393
1-3 (years)	40,373
3-5 (years)	64,851
Over 5 (years)	6,357
Total	128,974
Lending commitments participated to third parties	10,859
Secured lending facilities
Commitment, Fiscal Year Maturity
Less than 1 (year)	6,894
1-3 (years)	6,646
3-5 (years)	7,169
Over 5 (years)	3,874
Total	24,583
Commercial and Residential real estate
Commitment, Fiscal Year Maturity
Less than 1 (year)	762
1-3 (years)	404
3-5 (years)	126
Over 5 (years)	411
Total	1,703
Securities-based lending and Other loans
Commitment, Fiscal Year Maturity
Less than 1 (year)	16,453
1-3 (years)	3,418
3-5 (years)	788
Over 5 (years)	612
Total	$ 21,271

Commitments, Guarantees and C_4

Commitments, Guarantees and Contingencies - Obligations under Guarantee Arrangements (Details) $ in Millions	Dec. 31, 2024 USD ($)
Non-credit derivatives
Guarantees
Carrying Amount Asset (Liability)	$ (40,849)
Non-credit derivatives | Less Than 1 (Year)
Guarantees
Maximum Potential Payout/Notional of Obligations by Years to Maturity	1,161,382
Non-credit derivatives | 1 - 3 (Years)
Guarantees
Maximum Potential Payout/Notional of Obligations by Years to Maturity	626,951
Non-credit derivatives | 3 - 5 (Years)
Guarantees
Maximum Potential Payout/Notional of Obligations by Years to Maturity	152,534
Non-credit derivatives | Over 5 (Years)
Guarantees
Maximum Potential Payout/Notional of Obligations by Years to Maturity	460,222
Standby letters of credit and other financial guarantees issued
Guarantees
Carrying Amount Asset (Liability)	18
Standby letters of credit	600
Allowance for credit loss	56
Standby letters of credit and other financial guarantees issued | Less Than 1 (Year)
Guarantees
Maximum Potential Payout/Notional of Obligations by Years to Maturity	1,599
Standby letters of credit and other financial guarantees issued | 1 - 3 (Years)
Guarantees
Maximum Potential Payout/Notional of Obligations by Years to Maturity	732
Standby letters of credit and other financial guarantees issued | 3 - 5 (Years)
Guarantees
Maximum Potential Payout/Notional of Obligations by Years to Maturity	1,031
Standby letters of credit and other financial guarantees issued | Over 5 (Years)
Guarantees
Maximum Potential Payout/Notional of Obligations by Years to Maturity	2,581
Liquidity facilities
Guarantees
Carrying Amount Asset (Liability)	2
Liquidity facilities | Less Than 1 (Year)
Guarantees
Maximum Potential Payout/Notional of Obligations by Years to Maturity	2,453
Liquidity facilities | 1 - 3 (Years)
Guarantees
Maximum Potential Payout/Notional of Obligations by Years to Maturity	0
Liquidity facilities | 3 - 5 (Years)
Guarantees
Maximum Potential Payout/Notional of Obligations by Years to Maturity	0
Liquidity facilities | Over 5 (Years)
Guarantees
Maximum Potential Payout/Notional of Obligations by Years to Maturity	0
Whole loan sales guarantees
Guarantees
Carrying Amount Asset (Liability)	0
Whole loan sales guarantees | Less Than 1 (Year)
Guarantees
Maximum Potential Payout/Notional of Obligations by Years to Maturity	24
Whole loan sales guarantees | 1 - 3 (Years)
Guarantees
Maximum Potential Payout/Notional of Obligations by Years to Maturity	63
Whole loan sales guarantees | 3 - 5 (Years)
Guarantees
Maximum Potential Payout/Notional of Obligations by Years to Maturity	0
Whole loan sales guarantees | Over 5 (Years)
Guarantees
Maximum Potential Payout/Notional of Obligations by Years to Maturity	23,050
Securitizations representations and warranties
Guarantees
Carrying Amount Asset (Liability)	0
Securitizations representations and warranties | Less Than 1 (Year)
Guarantees
Maximum Potential Payout/Notional of Obligations by Years to Maturity	0
Securitizations representations and warranties | 1 - 3 (Years)
Guarantees
Maximum Potential Payout/Notional of Obligations by Years to Maturity	0
Securitizations representations and warranties | 3 - 5 (Years)
Guarantees
Maximum Potential Payout/Notional of Obligations by Years to Maturity	0
Securitizations representations and warranties | Over 5 (Years)
Guarantees
Maximum Potential Payout/Notional of Obligations by Years to Maturity	87,305
General partner guarantees
Guarantees
Carrying Amount Asset (Liability)	(98)
General partner guarantees | Less Than 1 (Year)
Guarantees
Maximum Potential Payout/Notional of Obligations by Years to Maturity	180
General partner guarantees | 1 - 3 (Years)
Guarantees
Maximum Potential Payout/Notional of Obligations by Years to Maturity	133
General partner guarantees | 3 - 5 (Years)
Guarantees
Maximum Potential Payout/Notional of Obligations by Years to Maturity	53
General partner guarantees | Over 5 (Years)
Guarantees
Maximum Potential Payout/Notional of Obligations by Years to Maturity	35
Client clearing guarantees
Guarantees
Carrying Amount Asset (Liability)	0
Client clearing guarantees | Less Than 1 (Year)
Guarantees
Maximum Potential Payout/Notional of Obligations by Years to Maturity	816
Client clearing guarantees | 1 - 3 (Years)
Guarantees
Maximum Potential Payout/Notional of Obligations by Years to Maturity	0
Client clearing guarantees | 3 - 5 (Years)
Guarantees
Maximum Potential Payout/Notional of Obligations by Years to Maturity	0
Client clearing guarantees | Over 5 (Years)
Guarantees
Maximum Potential Payout/Notional of Obligations by Years to Maturity	$ 0

Commitments, Guarantees and C_5

Commitments, Guarantees and Contingencies - Legal Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Legal expenses	$ 106	$ 488	$ 443

Commitments, Guarantees and C_6

Commitments, Guarantees and Contingencies - Narrative (Details) € in Millions, $ in Millions	1 Months Ended		12 Months Ended
	Mar. 31, 2021 USD ($)	Feb. 29, 2016 operator	Dec. 31, 2024 EUR (€) complaint	Dec. 31, 2024 USD ($)	Oct. 29, 2014 USD ($) certificate	May 17, 2013 USD ($)
Loss Contingencies
Dividend rate of preferred stock per annum (as a percent)			10%
Common Class B | Viacom
Loss Contingencies
Amount of stock offered	$ 1,700
Convertible Preferred Stock Subject to Mandatory Redemption | Viacom
Loss Contingencies
Amount of stock offered	$ 1,000
Dividend rate of preferred stock per annum (as a percent)	5.75%
United States District Court for the Southern District of New York (“SDNY”) styled In Re: Interest Rate Swaps Antitrust Litigation | Pending Litigation
Loss Contingencies
Number of swap execution facilities | operator		3
City of Philadelphia, et al. v. Bank of America Corporation, et al. | Pending Litigation
Loss Contingencies
Number of antitrust class action complaints | complaint			3
Case Number 15/3637 and Case Number 15/4353 | Pending Litigation
Loss Contingencies
Withholding tax credit set-off			€ 124	$ 128
IKB International S.A. in Liquidation, et al. v. Morgan Stanley, et al. | Pending Litigation
Loss Contingencies
Value of mortgage pass-through certificates					$ 116	$ 133
Number of certificates dismissed | certificate					4

Variable Interest Entities an_3

Variable Interest Entities and Securitization Activities - Assets and Liabilities by Type of Activity (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Variable Interest Entity
Carrying value of variable interests—Assets	$ 1,215,071	$ 1,193,693
Carrying value of variable interests—Liabilities	1,109,643	1,093,711
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity
Carrying value of variable interests—Assets	1,728	2,310
Carrying value of variable interests—Liabilities	1,007	1,375
Variable Interest Entity, Primary Beneficiary | MABS
Variable Interest Entity
Carrying value of variable interests—Assets	575	597
Carrying value of variable interests—Liabilities	236	256
Variable Interest Entity, Primary Beneficiary | Investment Vehicles
Variable Interest Entity
Carrying value of variable interests—Assets	378	753
Carrying value of variable interests—Liabilities	189	502
Variable Interest Entity, Primary Beneficiary | MTOB
Variable Interest Entity
Carrying value of variable interests—Assets	619	582
Carrying value of variable interests—Liabilities	578	520
Variable Interest Entity, Primary Beneficiary | Other
Variable Interest Entity
Carrying value of variable interests—Assets	156	378
Carrying value of variable interests—Liabilities	$ 4	$ 97

Variable Interest Entities an_4

Variable Interest Entities and Securitization Activities - Assets and Liabilities by Balance Sheet Caption (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 105,386	$ 89,232
Trading assets	331,884	367,074
Investment securities	149,811	145,566
Securities purchased under agreements to resell	118,565	110,740
Customer and other receivables	86,158	80,105
Other assets	28,228	28,242
Total assets	1,215,071	1,193,693
Liabilities
Other secured financings	21,602	12,655
Other liabilities and accrued expenses	28,220	28,151
Borrowings	288,819	263,732
Total liabilities	1,109,643	1,093,711
Noncontrolling interests	917	944
Variable Interest Entity, Primary Beneficiary
Assets
Cash and cash equivalents	37	164
Trading assets	1,395	1,557
Investment securities	278	492
Securities purchased under agreements to resell	0	67
Customer and other receivables	16	26
Other assets	2	4
Total assets	1,728	2,310
Liabilities
Other secured financings	921	1,222
Other liabilities and accrued expenses	82	121
Borrowings	4	32
Total liabilities	1,007	1,375
Noncontrolling interests	$ 42	$ 54

Variable Interest Entities an_5

Variable Interest Entities and Securitization Activities - Non-Consolidated VIEs (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Variable Interest Entity
Carrying value of variable interests—Assets	$ 1,215,071	$ 1,193,693
Additional VIE assets owned	15,777	15,002
Carrying value of variable interests—Liabilities	1,109,643	1,093,711
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity
VIE assets (UPB)	179,686	144,906
MABS
Variable Interest Entity
VIE assets (UPB)	179,686	144,906
Maximum exposure to loss	35,528	24,642
MABS | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity
Carrying value of variable interests—Assets	26,974
CDO
Variable Interest Entity
VIE assets (UPB)	1,621	1,526
Maximum exposure to loss	62	52
CDO | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity
Carrying value of variable interests—Assets	62
MTOB
Variable Interest Entity
VIE assets (UPB)	3,654	3,152
Maximum exposure to loss	2,454	2,092
MTOB | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity
Carrying value of variable interests—Assets	6
OSF
Variable Interest Entity
VIE assets (UPB)	3,603	3,102
Maximum exposure to loss	2,267	2,049
OSF | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity
Carrying value of variable interests—Assets	1,821
Other
Variable Interest Entity
VIE assets (UPB)	74,665	50,052
Maximum exposure to loss	16,568	13,583
Other | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity
Carrying value of variable interests—Assets	13,839
Assets | MABS | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity
Carrying value of variable interests—Assets		21,203
Assets | CDO | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity
Carrying value of variable interests—Assets		52
Assets | MTOB | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity
Carrying value of variable interests—Assets		2
Assets | OSF | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity
Carrying value of variable interests—Assets		1,682
Assets | Other | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity
Carrying value of variable interests—Assets		10,405
Debt and equity interests | MABS
Variable Interest Entity
Maximum exposure to loss	26,974	21,203
Debt and equity interests | MABS | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity
Carrying value of variable interests—Assets	26,974	21,203
Debt and equity interests | CDO
Variable Interest Entity
Maximum exposure to loss	62	52
Debt and equity interests | CDO | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity
Carrying value of variable interests—Assets	62	52
Debt and equity interests | MTOB
Variable Interest Entity
Maximum exposure to loss	0	0
Debt and equity interests | MTOB | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity
Carrying value of variable interests—Assets	0	0
Debt and equity interests | OSF
Variable Interest Entity
Maximum exposure to loss	2,267	2,049
Debt and equity interests | OSF | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity
Carrying value of variable interests—Assets	1,821	1,682
Debt and equity interests | Other
Variable Interest Entity
Maximum exposure to loss	12,097	9,076
Debt and equity interests | Other | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity
Carrying value of variable interests—Assets	12,067	9,075
Derivative and other contracts | MABS
Variable Interest Entity
Maximum exposure to loss	0	0
Derivative and other contracts | MABS | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity
Carrying value of variable interests—Assets	0	0
Carrying value of variable interests—Liabilities	0
Derivative and other contracts | CDO
Variable Interest Entity
Maximum exposure to loss	0	0
Derivative and other contracts | CDO | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity
Carrying value of variable interests—Assets	0	0
Carrying value of variable interests—Liabilities	0
Derivative and other contracts | MTOB
Variable Interest Entity
Maximum exposure to loss	2,454	2,092
Derivative and other contracts | MTOB | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity
Carrying value of variable interests—Assets	6	2
Carrying value of variable interests—Liabilities	4
Derivative and other contracts | OSF
Variable Interest Entity
Maximum exposure to loss	0	0
Derivative and other contracts | OSF | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity
Carrying value of variable interests—Assets	0	0
Carrying value of variable interests—Liabilities	0
Derivative and other contracts | Other
Variable Interest Entity
Maximum exposure to loss	3,936	4,452
Derivative and other contracts | Other | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity
Carrying value of variable interests—Assets	1,772	1,330
Carrying value of variable interests—Liabilities	448
Commitments, guarantees and other | MABS
Variable Interest Entity
Maximum exposure to loss	8,554	3,439
Commitments, guarantees and other | CDO
Variable Interest Entity
Maximum exposure to loss	0	0
Commitments, guarantees and other | MTOB
Variable Interest Entity
Maximum exposure to loss	0	0
Commitments, guarantees and other | OSF
Variable Interest Entity
Maximum exposure to loss	0	0
Commitments, guarantees and other | Other
Variable Interest Entity
Maximum exposure to loss	$ 535	55
Derivative and other contracts | MABS | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity
Carrying value of variable interests—Liabilities		0
Derivative and other contracts | CDO | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity
Carrying value of variable interests—Liabilities		0
Derivative and other contracts | MTOB | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity
Carrying value of variable interests—Liabilities		3
Derivative and other contracts | OSF | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity
Carrying value of variable interests—Liabilities		0
Derivative and other contracts | Other | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity
Carrying value of variable interests—Liabilities		$ 452

Variable Interest Entities an_6

Variable Interest Entities and Securitization Activities - Mortgage and Asset Backed Securitization Assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Variable Interest Entity
Debt and Equity Interests	$ 1,215,071	$ 1,193,693
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity
UPB	179,686	144,906
Variable Interest Entity, Not Primary Beneficiary | Residential mortgages
Variable Interest Entity
UPB	17,316	17,346
Variable Interest Entity, Not Primary Beneficiary | Commercial mortgages
Variable Interest Entity
UPB	82,730	74,590
Variable Interest Entity, Not Primary Beneficiary | U.S. agency collateralized mortgage obligations
Variable Interest Entity
UPB	39,317	42,917
Variable Interest Entity, Not Primary Beneficiary | Other consumer or commercial loans
Variable Interest Entity
UPB	40,323	10,053
Variable Interest Entity, Not Primary Beneficiary | Debt and Equity Interests
Variable Interest Entity
Debt and Equity Interests	26,974	21,203
Variable Interest Entity, Not Primary Beneficiary | Debt and Equity Interests | Residential mortgages
Variable Interest Entity
Debt and Equity Interests	2,497	3,355
Variable Interest Entity, Not Primary Beneficiary | Debt and Equity Interests | Commercial mortgages
Variable Interest Entity
Debt and Equity Interests	8,445	8,342
Variable Interest Entity, Not Primary Beneficiary | Debt and Equity Interests | U.S. agency collateralized mortgage obligations
Variable Interest Entity
Debt and Equity Interests	6,260	6,675
Variable Interest Entity, Not Primary Beneficiary | Debt and Equity Interests | Other consumer or commercial loans
Variable Interest Entity
Debt and Equity Interests	$ 9,772	$ 2,831

Variable Interest Entities an_7

Variable Interest Entities and Securitization Activities - Transfers of Assets with Continuing Involvement (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Variable Interest Entity
Derivative assets	$ 38,569	$ 37,313
Derivative liabilities	37,930	35,275
SPE
Variable Interest Entity
Interests purchased in the secondary market	187	100
Derivative assets	1,408	1,073
Derivative liabilities	400	426
SPE | Investment grade
Variable Interest Entity
Interests purchased in the secondary market	158	84
SPE | Non-investment grade
Variable Interest Entity
Interests purchased in the secondary market	29	16
SPE | RML
Variable Interest Entity
SPE assets (UPB)	6,989	4,333
Retained interests	373	232
Interests purchased in the secondary market	50	20
Derivative assets	0	0
Derivative liabilities	0	0
SPE | RML | Investment grade
Variable Interest Entity
Retained interests	198	149
Interests purchased in the secondary market	45	20
SPE | RML | Non-investment grade
Variable Interest Entity
Retained interests	175	83
Interests purchased in the secondary market	5	0
SPE | CML
Variable Interest Entity
SPE assets (UPB)	78,232	73,818
Retained interests	1,466	1,441
Interests purchased in the secondary market	58	38
Derivative assets	0	0
Derivative liabilities	0	0
SPE | CML | Investment grade
Variable Interest Entity
Retained interests	543	653
Interests purchased in the secondary market	34	22
SPE | CML | Non-investment grade
Variable Interest Entity
Retained interests	923	788
Interests purchased in the secondary market	24	16
SPE | Agency CMBS
Variable Interest Entity
SPE assets (UPB)	18,174	12,083
Retained interests	967	460
Interests purchased in the secondary market	79	42
Derivative assets	0	0
Derivative liabilities	0	0
SPE | Agency CMBS | Investment grade
Variable Interest Entity
Retained interests	967	460
Interests purchased in the secondary market	79	42
SPE | Agency CMBS | Non-investment grade
Variable Interest Entity
Retained interests	0	0
Interests purchased in the secondary market	0	0
SPE | CLN and Other
Variable Interest Entity
SPE assets (UPB)	12,725	12,438
Retained interests	71	69
Interests purchased in the secondary market	0	0
Derivative assets	1,408	1,073
Derivative liabilities	400	426
SPE | CLN and Other | Investment grade
Variable Interest Entity
Retained interests	0	0
Interests purchased in the secondary market	0	0
SPE | CLN and Other | Non-investment grade
Variable Interest Entity
Retained interests	71	69
Interests purchased in the secondary market	$ 0	$ 0

Variable Interest Entities an_8

Variable Interest Entities and Securitization Activities - Fair Value of Transfers of Assets with Continuing Involvement (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Variable Interest Entity
Derivative assets	$ 38,569	$ 37,313
Derivative liabilities	37,930	35,275
SPE
Variable Interest Entity
Retained interests	1,201	642
Interests purchased in the secondary market	187	100
Derivative assets	1,408	1,073
Derivative liabilities	400	426
SPE | Investment grade
Variable Interest Entity
Retained interests	1,080	576
Interests purchased in the secondary market	158	84
SPE | Non-investment grade
Variable Interest Entity
Retained interests	121	66
Interests purchased in the secondary market	29	16
SPE | Level 2
Variable Interest Entity
Retained interests	1,151	586
Interests purchased in the secondary market	176	89
Derivative assets	1,408	1,073
Derivative liabilities	400	426
SPE | Level 2 | Investment grade
Variable Interest Entity
Retained interests	1,080	576
Interests purchased in the secondary market	158	77
SPE | Level 2 | Non-investment grade
Variable Interest Entity
Retained interests	71	10
Interests purchased in the secondary market	18	12
SPE | Level 3
Variable Interest Entity
Retained interests	50	56
Interests purchased in the secondary market	11	11
Derivative assets	0	0
Derivative liabilities	0	0
SPE | Level 3 | Investment grade
Variable Interest Entity
Retained interests	0	0
Interests purchased in the secondary market	0	7
SPE | Level 3 | Non-investment grade
Variable Interest Entity
Retained interests	50	56
Interests purchased in the secondary market	$ 11	$ 4

Variable Interest Entities an_9

Variable Interest Entities and Securitization Activities - Proceeds from New Securitization Transactions and Sales of Loans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Transfer of Financial Assets Accounted for as Sales
New transactions	$ 36,326	$ 21,051	$ 22,136
Retained interests	7,956	4,311	4,862
CLO SPEs | Corporate Loans
Transfer of Financial Assets Accounted for as Sales
Sales of corporate loans to CLO SPEs	$ 0	$ 24	$ 62

Variable Interest Entities a_10

Variable Interest Entities and Securitization Activities - Assets Sold with Retained Exposure (Details) - Bilateral OTC - Equity Derivatives - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Transfer of Financial Assets Accounted for as Sales
Gross cash proceeds from sale of assets	$ 92,229	$ 60,766
Fair value
Assets sold	92,580	62,221
Derivative assets recognized in the balance sheet	998	1,546
Derivative liabilities recognized in the balance sheet	$ 648	$ 93

Regulatory Requirements - Capit

Regulatory Requirements - Capital Buffer Requirements (Details)	Dec. 31, 2024	Dec. 31, 2023
Capital buffers
Advanced (as a percent)	0.025	0.025
SCB
Standardized (as a percent)	0.060	0.054
G-SIB capital surcharge
Standardized (as a percent)	0.030	0.030
Advanced (as a percent)	0.030	0.030
CCyB
Standardized (as a percent)	0	0
Advanced (as a percent)	0	0
Capital buffer requirement
Standardized (as a percent)	0.090	0.084
Advanced (as a percent)	0.055	0.055
Maximum
CCyB
Standardized (as a percent)	0.025	0.025

Regulatory Requirements - Narra

Regulatory Requirements - Narrative (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Regulatory Requirements
Standardized (as a percent)	0	0
Minimum tier 1 leverage ratio (as a percent)	4%
Minimum Tier 1 SLR requirement (as a percent)	3%
Minimum enhanced SLR capital buffer (as a percent)	2%
Maximum
Regulatory Requirements
Standardized (as a percent)	0.025	0.025

Regulatory Requirements - Risk-

Regulatory Requirements - Risk-Based Regulatory Capital Ratio Requirements (Details)	Dec. 31, 2024	Dec. 31, 2023
CET1 capital ratio
Regulatory Minimum (as a percent)	0.045
Standardized (as a percent)	13.50%	12.90%
Advanced (as a percent)	0.100	0.100
Tier 1 capital ratio
Regulatory Minimum (as a percent)	0.060
Standardized (as a percent)	0.150	0.144
Advanced (as a percent)	0.115	0.115
Total capital ratio
Regulatory Minimum (as a percent)	0.080
Standardized (as a percent)	0.170	0.164
Advanced (as a percent)	0.135	0.135

Regulatory Requirements - The F

Regulatory Requirements - The Firm's Regulatory Capital and Capital Ratios (Details) $ in Millions	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Risk-based capital
CET1 capital	$ 75,095	$ 69,448
Tier 1 capital	84,790	78,183
Total capital	95,567	88,874
Total RWA	$ 471,834	$ 456,053
Risk-based capital ratio
CET1 capital (as a percent)	0.159	0.152
Tier 1 capital (as a percent)	0.180	0.171
Total capital (as a percent)	0.203	0.195
Required Ratio
Common Equity Tier 1 capital (as a percent)	13.50%	12.90%
Tier 1 capital (as a percent)	0.150	0.144
Total capital (as a percent)	0.170	0.164
Leveraged-based capital
Adjusted average assets	$ 1,223,779	$ 1,159,626
Supplementary leverage exposure	$ 1,517,687	$ 1,429,552
Leveraged-based capital ratio
Tier 1 leverage (as a percent)	0.069	0.067
SLR (as a percent)	0.056	0.055
Required Ratio
Tier 1 leverage (as a percent)	0.040	0.040
SLR (as a percent)	5%	5%

Regulatory Requirements - U.S.

Regulatory Requirements - U.S. Bank Subsidiaries' Regulatory Capital and Capital Ratios (Details) $ in Millions	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Required Ratio
Common Equity Tier 1 capital (as a percent)	13.50%	12.90%
Tier 1 capital (as a percent)	0.150	0.144
Total capital (as a percent)	0.170	0.164
Tier 1 leverage (as a percent)	0.040	0.040
SLR (as a percent)	5%	5%
Amount
CET1 capital	$ 75,095	$ 69,448
Tier 1 capital	84,790	78,183
Total capital	$ 95,567	$ 88,874
Risk-based capital ratio
Common Equity Tier 1 capital (as a percent)	0.159	0.152
Tier 1 capital (as a percent)	0.180	0.171
Total capital (as a percent)	0.203	0.195
Tier 1 leverage (as a percent)	0.069	0.067
SLR (as a percent)	0.056	0.055
MSBNA
Well-Capitlized Requirement
Common Equity Tier 1 capital (as a percent)	6.50%
Tier 1 capital (as a percent)	8%
Total capital (as a percent)	0.100
Tier 1 leverage (as a percent)	0.050
SLR (as a percent)	6%
Required Ratio
Common Equity Tier 1 capital (as a percent)	7%
Tier 1 capital (as a percent)	0.085
Total capital (as a percent)	0.105
Tier 1 leverage (as a percent)	0.040
SLR (as a percent)	3%
Amount
CET1 capital	$ 22,165	$ 21,925
Tier 1 capital	22,165	21,925
Total capital	22,993	22,833
Tier 1 leverage	22,165	21,925
SLR	$ 22,165	$ 21,925
Risk-based capital ratio
Common Equity Tier 1 capital (as a percent)	0.201	0.217
Tier 1 capital (as a percent)	0.201	0.217
Total capital (as a percent)	0.209	0.226
Tier 1 leverage (as a percent)	0.097	0.106
SLR (as a percent)	0.074	0.082
MSPBNA
Well-Capitlized Requirement
Common Equity Tier 1 capital (as a percent)	6.50%
Tier 1 capital (as a percent)	8%
Total capital (as a percent)	0.100
Tier 1 leverage (as a percent)	0.050
SLR (as a percent)	6%
Required Ratio
Common Equity Tier 1 capital (as a percent)	7%
Tier 1 capital (as a percent)	0.085
Total capital (as a percent)	0.105
Tier 1 leverage (as a percent)	0.040
SLR (as a percent)	3%
Amount
CET1 capital	$ 16,672	$ 15,388
Tier 1 capital	16,672	15,388
Total capital	17,004	15,675
Tier 1 leverage	16,672	15,388
SLR	$ 16,672	$ 15,388
Risk-based capital ratio
Common Equity Tier 1 capital (as a percent)	0.261	0.258
Tier 1 capital (as a percent)	0.261	0.258
Total capital (as a percent)	0.266	0.263
Tier 1 leverage (as a percent)	0.077	0.075
SLR (as a percent)	0.075	0.072

Regulatory Requirements - U.S_2

Regulatory Requirements - U.S. Broker-Dealer Regulatory Capital Requirements (Details) - MS&Co. - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Regulatory Requirements
Net capital	$ 18,483	$ 18,121
Excess net capital	$ 13,883	$ 13,676

Regulatory Requirements - Restr

Regulatory Requirements - Restrictions on Payments (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Broker-Dealer [Abstract]
Restricted net assets	$ 49,914	$ 49,008

Total Equity - Preferred Stock

Total Equity - Preferred Stock Outstanding (Details) - USD ($) $ / shares in Units, $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Class of Stock
Preferred stock	$ 9,750	$ 8,750
Preferred stock authorized (in shares)	30,000,000	30,000,000
Series A
Class of Stock
Preferred stock shares outstanding (in shares)	44,000
Liquidation preference per share (in dollars per share)	$ 25,000
Preferred stock	$ 1,100	$ 1,100
Series C
Class of Stock
Preferred stock shares outstanding (in shares)	519,882
Liquidation preference per share (in dollars per share)	$ 1,000
Preferred stock	$ 408	408
Series E
Class of Stock
Preferred stock shares outstanding (in shares)	34,500
Liquidation preference per share (in dollars per share)	$ 25,000
Preferred stock	$ 862	862
Series F
Class of Stock
Preferred stock shares outstanding (in shares)	34,000
Liquidation preference per share (in dollars per share)	$ 25,000
Preferred stock	$ 850	850
Series I
Class of Stock
Preferred stock shares outstanding (in shares)	40,000
Liquidation preference per share (in dollars per share)	$ 25,000
Preferred stock	$ 1,000	1,000
Series K
Class of Stock
Preferred stock shares outstanding (in shares)	40,000
Liquidation preference per share (in dollars per share)	$ 25,000
Preferred stock	$ 1,000	1,000
Series L
Class of Stock
Preferred stock shares outstanding (in shares)	20,000
Liquidation preference per share (in dollars per share)	$ 25,000
Preferred stock	$ 500	500
Series M
Class of Stock
Preferred stock shares outstanding (in shares)	400,000
Liquidation preference per share (in dollars per share)	$ 1,000
Preferred stock	$ 430	430
Series N
Class of Stock
Preferred stock shares outstanding (in shares)	3,000
Liquidation preference per share (in dollars per share)	$ 100,000
Preferred stock	$ 300	300
Series O
Class of Stock
Preferred stock shares outstanding (in shares)	52,000
Liquidation preference per share (in dollars per share)	$ 25,000
Preferred stock	$ 1,300	1,300
Series P
Class of Stock
Preferred stock shares outstanding (in shares)	40,000
Liquidation preference per share (in dollars per share)	$ 25,000
Preferred stock	$ 1,000	1,000
Series Q
Class of Stock
Preferred stock shares outstanding (in shares)	40,000
Liquidation preference per share (in dollars per share)	$ 25,000
Preferred stock	$ 1,000	$ 0

Total Equity - Preferred Stoc_2

Total Equity - Preferred Stock Issuance Description (Details)	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Class of Stock
Preferred stock, par value (in dollars per share)	$ 0.01
Redemption period following regulatory capital treatment event	90 days
Dividend rate of preferred stock per annum (as a percent)	10%
Series A
Class of Stock
Shares issued (in shares) | shares	44,000
Depositary shares per share (in shares) | shares	1,000
Price per share (in dollars per share)	$ 25,000
Liquidation preference per share (in dollars per share)	$ 25,000
Series C
Class of Stock
Shares issued (in shares) | shares	1,160,791
Price per share (in dollars per share)	$ 1,100
Liquidation preference per share (in dollars per share)	$ 1,000
Series E
Class of Stock
Shares issued (in shares) | shares	34,500
Depositary shares per share (in shares) | shares	1,000
Price per share (in dollars per share)	$ 25,000
Liquidation preference per share (in dollars per share)	$ 25,000
Series F
Class of Stock
Shares issued (in shares) | shares	34,000
Depositary shares per share (in shares) | shares	1,000
Price per share (in dollars per share)	$ 25,000
Liquidation preference per share (in dollars per share)	$ 25,000
Series I
Class of Stock
Shares issued (in shares) | shares	40,000
Depositary shares per share (in shares) | shares	1,000
Price per share (in dollars per share)	$ 25,000
Liquidation preference per share (in dollars per share)	$ 25,000
Series K
Class of Stock
Shares issued (in shares) | shares	40,000
Depositary shares per share (in shares) | shares	1,000
Price per share (in dollars per share)	$ 25,000
Liquidation preference per share (in dollars per share)	$ 25,000
Series L
Class of Stock
Shares issued (in shares) | shares	20,000
Depositary shares per share (in shares) | shares	1,000
Price per share (in dollars per share)	$ 25,000
Liquidation preference per share (in dollars per share)	$ 25,000
Series M
Class of Stock
Shares issued (in shares) | shares	400,000
Price per share (in dollars per share)	$ 1,000
Liquidation preference per share (in dollars per share)	$ 1,000
Series N
Class of Stock
Shares issued (in shares) | shares	3,000
Depositary shares per share (in shares) | shares	100
Price per share (in dollars per share)	$ 100,000
Liquidation preference per share (in dollars per share)	$ 100,000
Series O
Class of Stock
Shares issued (in shares) | shares	52,000
Depositary shares per share (in shares) | shares	1,000
Price per share (in dollars per share)	$ 25,000
Liquidation preference per share (in dollars per share)	$ 25,000
Series P
Class of Stock
Shares issued (in shares) | shares	40,000
Depositary shares per share (in shares) | shares	1,000
Price per share (in dollars per share)	$ 25,000
Liquidation preference per share (in dollars per share)	$ 25,000
Series Q
Class of Stock
Shares issued (in shares) | shares	40,000
Depositary shares per share (in shares) | shares	1,000
Price per share (in dollars per share)	$ 25,000
Liquidation preference per share (in dollars per share)	$ 25,000

Total Equity - Rollforward of C

Total Equity - Rollforward of Common Stock Outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Common Stock Outstanding [Roll Forward]
Balance at beginning of period (in shares)	1,626,828,437	1,675,000,000
Treasury stock purchases (in shares)	(43,000,000)	(71,000,000)
Other (in shares)	23,000,000	23,000,000
Balance at end of period (in shares)	1,606,653,706	1,626,828,437

Total Equity - Share Repurchase

Total Equity - Share Repurchases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Equity [Abstract]
Repurchases of common stock under the Firm’s Share Repurchase Program	$ 3,250	$ 5,300

Total Equity - Narrative (Detai

Total Equity - Narrative (Details)	Jun. 28, 2024 USD ($)
Equity [Abstract]
Authorized repurchase amount of outstanding common stock	$ 20,000,000,000

Total Equity - Reconciliation o

Total Equity - Reconciliation of Common Shares Outstanding for Basic and Diluted EPS (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Weighted average common shares outstanding, basic (in shares)	1,591	1,628	1,691
Effect of dilutive RSUs and PSUs (in shares)	20	18	22
Weighted average common shares outstanding and common stock equivalents, diluted (in shares)	1,611	1,646	1,713
Weighted average antidilutive RSUs and stock options (excluded from the computation of diluted EPS) (shares)	0	2	3

Total Equity - Dividends (Detai

Total Equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Preferred Stock Dividends
Preferred stock dividends	$ 590	$ 557	$ 489
Common Stock Dividends
Common stock dividend declared (in dollars per share)	$ 3.55	$ 3.25	$ 2.95
Common stock dividends	$ 5,745	$ 5,393	$ 5,108
Series A
Preferred Stock Dividends
Preferred stock dividend declared (in dollars per share)	$ 1,548	$ 1,522	$ 1,061
Preferred stock dividends	$ 68	$ 67	$ 47
Series C
Preferred Stock Dividends
Preferred stock dividend declared (in dollars per share)	$ 100	$ 100	$ 100
Preferred stock dividends	$ 52	$ 52	$ 52
Series E
Preferred Stock Dividends
Preferred stock dividend declared (in dollars per share)	$ 1,806	$ 1,791	$ 1,781
Preferred stock dividends	$ 62	$ 62	$ 60
Series F
Preferred Stock Dividends
Preferred stock dividend declared (in dollars per share)	$ 1,747	$ 1,719	$ 1,719
Preferred stock dividends	$ 60	$ 58	$ 59
Series I
Preferred Stock Dividends
Preferred stock dividend declared (in dollars per share)	$ 1,603	$ 1,594	$ 1,594
Preferred stock dividends	$ 64	$ 64	$ 64
Series K
Preferred Stock Dividends
Preferred stock dividend declared (in dollars per share)	$ 1,463	$ 1,463	$ 1,463
Preferred stock dividends	$ 59	$ 59	$ 59
Series L
Preferred Stock Dividends
Preferred stock dividend declared (in dollars per share)	$ 1,219	$ 1,219	$ 1,219
Preferred stock dividends	$ 24	$ 24	$ 24
Series M
Preferred Stock Dividends
Preferred stock dividend declared (in dollars per share)	$ 59	$ 59	$ 59
Preferred stock dividends	$ 24	$ 24	$ 24
Series N
Preferred Stock Dividends
Preferred stock dividend declared (in dollars per share)	$ 8,841	$ 9,160	$ 5,300
Preferred stock dividends	$ 27	$ 27	$ 16
Series O
Preferred Stock Dividends
Preferred stock dividend declared (in dollars per share)	$ 1,063	$ 1,063	$ 1,063
Preferred stock dividends	$ 55	$ 55	$ 55
Series P
Preferred Stock Dividends
Preferred stock dividend declared (in dollars per share)	$ 1,625	$ 1,625	$ 739
Preferred stock dividends	$ 65	$ 65	$ 29
Series Q
Preferred Stock Dividends
Preferred stock dividend declared (in dollars per share)	$ 759	$ 0	$ 0
Preferred stock dividends	$ 30	$ 0	$ 0

Total Equity - Accumulated Othe

Total Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 99,982	$ 101,231
OCI during the period	(393)	(168)	$ (3,151)
Ending balance	105,428	99,982	101,231
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(6,421)	(6,253)	(3,102)
Ending balance	(6,814)	(6,421)	(6,253)
CTA
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,153)	(1,204)	(1,002)
OCI during the period	(324)	51	(202)
Ending balance	(1,477)	(1,153)	(1,204)
AFS  Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(3,094)	(4,192)	245
OCI during the period	521	1,098	(4,437)
Ending balance	(2,573)	(3,094)	(4,192)
Pension and Other
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(595)	(508)	(551)
OCI during the period	12	(87)	43
Ending balance	(583)	(595)	(508)
DVA
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,595)	(345)	(1,794)
OCI during the period	(551)	(1,250)	1,449
Ending balance	(2,146)	(1,595)	(345)
Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	16	(4)	0
OCI during the period	(51)	20	(4)
Ending balance	$ (35)	$ 16	$ (4)

Total Equity - Components of Pe

Total Equity - Components of Period Changes in OCI (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
After-tax Gain (Loss)
Total other comprehensive income (loss)	$ (474)	$ (279)	$ (3,233)
Foreign Currency Translation Adjustment Attributable to Parent
After-tax Gain (Loss)
OCI activity	(324)	51	(261)
Reclassified to earnings	0	0	59
Total other comprehensive income (loss)	(324)	51	(202)
Foreign Currency Translation Adjustment Including Noncontrolling Interest
Pre-tax Gain (Loss)
OCI activity	(117)	(73)	(179)
Reclassified to earnings	0	0	0
Net OCI	(117)	(73)	(179)
Income Tax Benefit (Provision)
OCI activity	(305)	53	(217)
Reclassified to earnings	0	0	59
Net OCI	(305)	53	(158)
After-tax Gain (Loss)
OCI activity	(422)	(20)	(396)
Reclassified to earnings	0	0	59
Total other comprehensive income (loss)	(422)	(20)	(337)
Foreign Currency Translation Adjustment Attributable to Noncontrolling Interest
After-tax Gain (Loss)
OCI activity	(98)	(71)	(135)
Reclassified to earnings	0	0	0
Total other comprehensive income (loss)	(98)	(71)	(135)
Change in Net Unrealized Gains (Losses) on AFS Securities Attributable to Parent
After-tax Gain (Loss)
OCI activity	561	1,135	(4,383)
Reclassified to earnings	(40)	(37)	(54)
Total other comprehensive income (loss)	521	1,098	(4,437)
Change in Net Unrealized Gains (Losses) on AFS Securities Including Noncontrolling Interest
Pre-tax Gain (Loss)
OCI activity	736	1,488	(5,720)
Reclassified to earnings	(52)	(49)	(70)
Net OCI	684	1,439	(5,790)
Income Tax Benefit (Provision)
OCI activity	(175)	(353)	1,337
Reclassified to earnings	12	12	16
Net OCI	(163)	(341)	1,353
After-tax Gain (Loss)
OCI activity	561	1,135	(4,383)
Reclassified to earnings	(40)	(37)	(54)
Total other comprehensive income (loss)	521	1,098	(4,437)
Change in Net Unrealized Gains (Losses) on AFS Securities Attributable to Noncontrolling Interest
After-tax Gain (Loss)
OCI activity	0	0	0
Reclassified to earnings	0	0	0
Total other comprehensive income (loss)	0	0	0
Pension and Other Attributable to Parent
After-tax Gain (Loss)
OCI activity	(3)	(72)	25
Reclassified to earnings	15	(15)	18
Total other comprehensive income (loss)	12	(87)	43
Pension and Other Including Noncontrolling Interest
Pre-tax Gain (Loss)
OCI activity	(8)	(96)	38
Reclassified to earnings	20	(18)	22
Net OCI	12	(114)	60
Income Tax Benefit (Provision)
OCI activity	5	24	(13)
Reclassified to earnings	(5)	3	(4)
Net OCI	0	27	(17)
After-tax Gain (Loss)
OCI activity	(3)	(72)	25
Reclassified to earnings	15	(15)	18
Total other comprehensive income (loss)	12	(87)	43
Pension and Other Attributable to Noncontrolling Interest
After-tax Gain (Loss)
OCI activity	0	0	0
Reclassified to earnings	0	0	0
Total other comprehensive income (loss)	0	0	0
Change in Net DVA Attributable to Parent
After-tax Gain (Loss)
OCI activity	(572)	(1,264)	1,449
Reclassified to earnings	21	14	0
Total other comprehensive income (loss)	(551)	(1,250)	1,449
Change in Net DVA Including Noncontrolling Interest
Pre-tax Gain (Loss)
OCI activity	(729)	(1,728)	1,982
Reclassified to earnings	27	19	0
Net OCI	(702)	(1,709)	1,982
Income Tax Benefit (Provision)
OCI activity	174	424	(480)
Reclassified to earnings	(6)	(5)	0
Net OCI	168	419	(480)
After-tax Gain (Loss)
OCI activity	(555)	(1,304)	1,502
Reclassified to earnings	21	14	0
Total other comprehensive income (loss)	(534)	(1,290)	1,502
Change in Net DVA Attributable to Noncontrolling Interest
After-tax Gain (Loss)
OCI activity	17	(40)	53
Reclassified to earnings	0	0	0
Total other comprehensive income (loss)	17	(40)	53
Cash Flow Hedges
After-tax Gain (Loss)
OCI activity	(75)	8	(4)
Reclassified to earnings	24	12	0
Total other comprehensive income (loss)	(51)	20	(4)
Change in Cash Flow Hedges Including Noncontrolling Interest
Pre-tax Gain (Loss)
OCI activity	(99)	9	(4)
Reclassified to earnings	32	16	0
Net OCI	(67)	25	(4)
Income Tax Benefit (Provision)
OCI activity	24	(1)	0
Reclassified to earnings	(8)	(4)	0
Net OCI	16	(5)	0
After-tax Gain (Loss)
OCI activity	(75)	8	(4)
Reclassified to earnings	24	12	0
Total other comprehensive income (loss)	(51)	20	(4)
Change in Cash Flow Hedges Attributable To Noncontrolling Interest
After-tax Gain (Loss)
OCI activity	0	0	0
Reclassified to earnings	0	0	0
Total other comprehensive income (loss)	$ 0	$ 0	$ 0

Total Equity - Cumulative Forei

Total Equity - Cumulative Foreign Currency Translation Adjustments (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Equity [Abstract]
Associated with net investments in subsidiaries with a non-U.S. dollar functional currency	$ (4,326)	$ (2,917)
Hedges, net of tax	2,849	1,764
Total	(1,477)	(1,153)
Carrying value of net investments in non-U.S. dollar functional currency subsidiaries subject to hedges	$ 18,303	$ 18,761

Interest Income and Interest _3

Interest Income and Interest Expense - Summary (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Interest income
Cash and cash equivalents		$ 3,068	$ 3,408	$ 914
Investment securities		5,161	3,992	3,066
Loans		13,771	12,424	6,988
Securities purchased under agreements to resell		12,416	7,762	2,188
Securities borrowed		5,391	5,191	1,020
Trading assets, net of Trading liabilities		5,924	4,488	2,484
Customer receivables and Other		8,404	8,584	4,935
Total interest income	[1]	54,135	45,849	21,595
Interest expense
Deposits		10,368	8,216	1,825
Borrowings		13,242	11,437	5,054
Securities sold under agreements to repurchase		10,787	6,737	1,760
Securities loaned		1,036	784	503
Customer payables and Other		10,091	10,445	3,126
Total interest expense	[1]	45,524	37,619	12,268
Net interest		$ 8,611	$ 8,230	$ 9,327
[1]amounts have been adjusted to conform with the current period presentation. See Note 2 for additional information.

Interest Income and Interest _4

Interest Income and Interest Expense - Accrued Interest (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Interest Income (Expense), Operating [Abstract]
Customer and other receivables	$ 3,322	$ 4,206
Customer and other payables	$ 3,938	$ 4,360

Deferred Compensation Plans a_3

Deferred Compensation Plans and Carried Interest Compensation - Stock-based Compensation Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Payment Awards
Stock-based compensation expense	$ 1,622	$ 1,709	$ 1,875
Retirement eligible awards	202	178	176
RSUs
Share-based Payment Awards
Stock-based compensation expense	1,464	1,607	1,827
PSUs
Share-based Payment Awards
Stock-based compensation expense	148	91	40
ESPP
Share-based Payment Awards
Stock-based compensation expense	$ 10	$ 11	$ 8

Deferred Compensation Plans a_4

Deferred Compensation Plans and Carried Interest Compensation - Tax Benefit Related to Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Compensation Related Costs [Abstract]
Tax benefit	$ 343	$ 382	$ 427

Deferred Compensation Plans a_5

Deferred Compensation Plans and Carried Interest Compensation - Unrecognized Compensation Cost Related to Stock-Based Awards Granted (Details) $ in Millions	Dec. 31, 2024 USD ($)
To be recognized in:
2025	$ 510
2026	230
Thereafter	38
Total	$ 778

Deferred Compensation Plans a_6

Deferred Compensation Plans and Carried Interest Compensation - Common Shares Available for Future Awards under Stock-Based Compensation Plans (Details) shares in Millions	Dec. 31, 2024 shares
Compensation Related Costs [Abstract]
Common shares available for future awards (in shares)	109

Deferred Compensation Plans a_7

Deferred Compensation Plans and Carried Interest Compensation - Vested and Unvested RSU Activity (Details) - RSUs - $ / shares shares in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Shares
RSUs at beginning of period (in shares)	59
Awarded (in shares)	20
Conversions to common stock (in shares)	(23)
Forfeited (in shares)	(2)
RSUs at end of period (in shares)	54	59
Weighted Average Award Date Fair Value
RSUs at beginning of period (in dollars per share)	$ 86.92
Awarded (in dollars per share)	85.46	$ 93.55	$ 96.61
Conversions to common stock (in dollars per share)	77.11
Forfeited (in dollars per share)	90.84
RSUs at end of period (in dollars per share)	$ 90.53	$ 86.92
Weighted average remaining term	1 year 2 months 12 days
Minimum
Share-based Payment Awards
Award vesting period	1 year
Maximum
Share-based Payment Awards
Award vesting period	7 years

Deferred Compensation Plans a_8

Deferred Compensation Plans and Carried Interest Compensation - Unvested RSU Activity (Details) - RSUs - $ / shares shares in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Shares
Unvested RSUs at beginning of period (in shares)	28
Awarded (in shares)	20
Vested (in shares)	(19)
Forfeited (shares)	(2)
Unvested RSUs at end of period (in shares)	27	28
Weighted Average Award Date Fair Value
Unvested RSUs at beginning of period (in dollars per share)	$ 89.16
Awarded (in dollars per share)	85.46	$ 93.55	$ 96.61
Vested (in dollars per share)	85.96
Forfeited (in dollars per share)	90.51
Unvested RSUs at end of period (in dollars per share)	$ 88.64	$ 89.16

Deferred Compensation Plans a_9

Deferred Compensation Plans and Carried Interest Compensation - Fair Value of RSU Activity (Details) - RSUs - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Payment Awards
Conversions to common stock	$ 2,065	$ 2,019	$ 2,301
Vested	$ 1,723	$ 2,260	$ 2,433

Deferred Compensation Plans _10

Deferred Compensation Plans and Carried Interest Compensation - Narrative (Details) - PSUs shares in Millions	12 Months Ended
	Dec. 31, 2024 shares
Share-based Payment Awards
Performance period	3 years
PSUs outstanding (in shares)	2.8
Minimum
Share-based Payment Awards
Proportion of PSUs that will vest (as a percent)	0%
Maximum
Share-based Payment Awards
Proportion of PSUs that will vest (as a percent)	150%

Deferred Compensation Plans _11

Deferred Compensation Plans and Carried Interest Compensation - PSU Awards Fair Value on Award Date (Details) - PSUs - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
MS Average ROTCE / Relative ROTCE
Share-based Payment Awards
Fair value per PSU on award date (in dollars per share)	$ 83.86	$ 85.76	$ 100.12
MS Relative TSR
Share-based Payment Awards
Fair value per PSU on award date (in dollars per share)	$ 0	$ 0	$ 102.17

Deferred Compensation Plans _12

Deferred Compensation Plans and Carried Interest Compensation - Monte Carlo Simulation Assumptions (Details)	12 Months Ended
	Dec. 31, 2022
Compensation Related Costs [Abstract]
Risk-free interest rate (as a percent)	1.30%
Expected stock price volatility (as a percent)	38.90%
Correlation coefficient	0.91

Deferred Compensation Plans _13

Deferred Compensation Plans and Carried Interest Compensation - Deferred Cash-Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Compensation Related Costs [Abstract]
Deferred cash-based awards	$ 770	$ 693	$ 761
Return on referenced investments	672	668	(716)
Total	1,442	1,361	45
Retirement eligible awards	$ 287	$ 259	$ 264

Deferred Compensation Plans _14

Deferred Compensation Plans and Carried Interest Compensation - Carried Interest Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Compensation Related Costs [Abstract]
Expense	$ 114	$ 44	$ 225

Employee Benefit Plans - Net Pe

Employee Benefit Plans - Net Periodic Benefit Expense (Income) (Details) - U.S. - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Components of Net Periodic Benefit Expense (Income)
Service cost, benefits earned during the period	$ 20	$ 20	$ 19
Interest cost on projected benefit obligation	137	140	111
Expected return on plan assets	(99)	(99)	(56)
Net amortization of prior service cost	1	1	1
Amortization of net (gains) losses	21	(9)	25
Plan settlements	0	2	0
Net periodic benefit expense	$ 80	$ 55	$ 100

Employee Benefit Plans - Rollfo

Employee Benefit Plans - Rollforward of Pre-tax AOCI (Details) - U.S. - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Rollforward of Pre-tax AOCI
Beginning balance	$ (821)	$ (716)	$ (768)
Net gain (loss)	(12)	(100)	26
Amortization of prior service cost	1	1	1
Amortization of net (gains) losses	21	(9)	25
Plan settlements, curtailments and amendments	(1)	3	0
Changes recognized in OCI	9	(105)	52
Ending balance	$ (812)	$ (821)	$ (716)

Employee Benefit Plans - Weight

Employee Benefit Plans - Weighted Average Assumptions Used to Determine Net Periodic Benefit Expense (Income) (Details) - U.S.	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Weighted Average Assumptions Used to Determine Net Periodic Benefit Expense (Income)
Discount rate (as a percent)	4.75%	4.93%	2.80%
Expected long-term rate of return on plan assets (as a percent)	4.18%	3.54%	1.71%

Employee Benefit Plans - Roll_2

Employee Benefit Plans - Rollforward of the Benefit Obligation and Fair Value of Plan Assets (Details) - U.S. - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Rollforward of projected benefit obligation
Benefit obligation at beginning of year	$ 2,975	$ 2,907
Service cost	20	20	$ 19
Interest cost	137	140	111
Actuarial loss (gain)	(201)	79
Plan amendments	1	0
Plan settlements	(1)	(13)
Benefits paid	(149)	(164)
Other	(18)	6
Projected benefit obligation at end of year	2,764	2,975	2,907
Rollforward of fair value of plan assets
Balance at beginning of period	2,422	2,416
Actual return on plan assets	(114)	78
Employer contributions	38	89
Benefits paid	(149)	(164)
Plan settlements	(1)	(13)
Other	(10)	16
Balance at end of period	2,186	2,422	$ 2,416
Funded (unfunded) status	(578)	(553)
Amounts recognized in the balance sheet
Assets	71	84
Liabilities	(649)	(637)
Net amount recognized	$ (578)	$ (553)

Employee Benefit Plans - Accumu

Employee Benefit Plans - Accumulated Benefit Obligation (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
U.S.
Pension and Other Postretirement Plans
Accumulated benefit obligation	$ 2,740	$ 2,956

Employee Benefit Plans - Pensio

Employee Benefit Plans - Pension Plans with Projected Benefit Obligations in Excess of the Fair Value of Plan Assets (Details) - U.S. - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Pension Plans with Benefit Obligations in Excess of the Fair Value of Plan Assets
Projected benefit obligation	$ 2,616	$ 2,821
Accumulated benefit obligation	2,594	2,803
Fair value of plan assets	$ 1,967	$ 2,184

Employee Benefit Plans - Weig_2

Employee Benefit Plans - Weighted Average Assumptions Used to Determine Benefit Obligation (Details)	Dec. 31, 2024	Dec. 31, 2023
U.S.
Weighted Average Assumptions Used to Determine Benefit Obligation
Discount rate (as a percent)	5.39%	4.75%

Employee Benefit Plans - Fair V

Employee Benefit Plans - Fair Value of Plan Assets (Details) - U.S. - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pension and Other Postretirement Plans
Fair value of plan assets	$ 2,186	$ 2,422	$ 2,416
Cash and cash equivalents
Pension and Other Postretirement Plans
Fair value of plan assets	7	6
U.S. government and agency securities
Pension and Other Postretirement Plans
Fair value of plan assets	1,851	2,030
Derivative contracts
Pension and Other Postretirement Plans
Fair value of plan assets	1	3
Other investments
Pension and Other Postretirement Plans
Fair value of plan assets	70	71
Other receivables
Pension and Other Postretirement Plans
Fair value of plan assets	10	16
Commingled Trust Funds: Money Market
Pension and Other Postretirement Plans
Fair value of plan assets	27	64
Foreign Funds: Fixed Income
Pension and Other Postretirement Plans
Fair value of plan assets	25	62
Foreign Funds: Liquidity
Pension and Other Postretirement Plans
Fair value of plan assets	13	171
Foreign Funds: Targeted Cash Flow
Pension and Other Postretirement Plans
Fair value of plan assets	184	14
Defined Benefit Plan, Other (Liabilities)
Pension and Other Postretirement Plans
Fair value of plan assets	(2)	(15)
Total | Defined Benefit Plan, Assets Before NAV Measurement And Liabilities
Pension and Other Postretirement Plans
Fair value of plan assets	1,939	2,126
Level 1 | Defined Benefit Plan, Assets Before NAV Measurement And Liabilities
Pension and Other Postretirement Plans
Fair value of plan assets	1,645	1,807
Level 1 | Cash and cash equivalents
Pension and Other Postretirement Plans
Fair value of plan assets	7	6
Level 1 | U.S. government and agency securities
Pension and Other Postretirement Plans
Fair value of plan assets	1,638	1,800
Level 1 | Derivative contracts
Pension and Other Postretirement Plans
Fair value of plan assets	0	0
Level 1 | Other investments
Pension and Other Postretirement Plans
Fair value of plan assets	0	0
Level 1 | Other receivables
Pension and Other Postretirement Plans
Fair value of plan assets	0	1
Level 1 | Defined Benefit Plan, Other (Liabilities)
Pension and Other Postretirement Plans
Fair value of plan assets	0	(1)
Level 2 | Defined Benefit Plan, Assets Before NAV Measurement And Liabilities
Pension and Other Postretirement Plans
Fair value of plan assets	224	248
Level 2 | Cash and cash equivalents
Pension and Other Postretirement Plans
Fair value of plan assets	0	0
Level 2 | U.S. government and agency securities
Pension and Other Postretirement Plans
Fair value of plan assets	213	230
Level 2 | Derivative contracts
Pension and Other Postretirement Plans
Fair value of plan assets	1	3
Level 2 | Other investments
Pension and Other Postretirement Plans
Fair value of plan assets	0	0
Level 2 | Other receivables
Pension and Other Postretirement Plans
Fair value of plan assets	10	15
Level 2 | Defined Benefit Plan, Other (Liabilities)
Pension and Other Postretirement Plans
Fair value of plan assets	(2)	(14)
Level 3
Pension and Other Postretirement Plans
Fair value of plan assets	70	71	$ 64
Level 3 | Defined Benefit Plan, Assets Before NAV Measurement And Liabilities
Pension and Other Postretirement Plans
Fair value of plan assets	70	71
Level 3 | Cash and cash equivalents
Pension and Other Postretirement Plans
Fair value of plan assets	0	0
Level 3 | U.S. government and agency securities
Pension and Other Postretirement Plans
Fair value of plan assets	0	0
Level 3 | Derivative contracts
Pension and Other Postretirement Plans
Fair value of plan assets	0	0
Level 3 | Other investments
Pension and Other Postretirement Plans
Fair value of plan assets	70	71
Level 3 | Other receivables
Pension and Other Postretirement Plans
Fair value of plan assets	0	0
Level 3 | Defined Benefit Plan, Other (Liabilities)
Pension and Other Postretirement Plans
Fair value of plan assets	0	0
Assets Measured at NAV
Pension and Other Postretirement Plans
Fair value of plan assets	$ 249	$ 311

Employee Benefit Plans - Roll_3

Employee Benefit Plans - Rollforward of Level 3 Plan Assets (Details) - U.S. - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Balance at beginning of period	$ 2,422	$ 2,416
Balance at end of period	2,186	2,422
Level 3
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Balance at beginning of period	71	64
Realized and unrealized gains	2	2
Purchases, sales and settlements, net	(3)	5
Balance at end of period	$ 70	$ 71

Employee Benefit Plans - Narrat

Employee Benefit Plans - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Pension and Other Postretirement Plans
Proportion of assets as to total pension plan assets (as a percent)	86%	87%
Expected contributions by employer in 2021	$ 40,000,000
Morgan Stanley 401(k) Plan
Pension and Other Postretirement Plans
Maximum proportion of employer matching contributions (as a percent)	4%	4%
Morgan Stanley 401(k) Plan | Participants of a Certain Compensation Level
Pension and Other Postretirement Plans
Maximum proportion of employer matching contributions (as a percent)	5%	5%
Morgan Stanley 401(k) Plan | Eligible U.S. Employees with Eligible Pay Less than or Equal to $100,000
Pension and Other Postretirement Plans
Eligible pay threshold	$ 100,001
Proportion of employer matching contribution of eligible pay (as a percent)	2%

Employee Benefit Plans - Expect

Employee Benefit Plans - Expected Future Benefit Payments (Details) - U.S. $ in Millions	Dec. 31, 2024 USD ($)
Pension and Other Postretirement Plans
2025	$ 161
2026	167
2027	174
2028	179
2029	183
2030-2034	$ 968

Employee Benefit Plans - 401(k)

Employee Benefit Plans - 401(k) and Defined Contribution Pension Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Morgan Stanley 401(k) Plan
Defined Contribution Plans
Expense	$ 400	$ 397	$ 355
Non-U.S. Defined Contribution Pension Plans
Defined Contribution Plans
Expense	$ 181	$ 173	$ 163

Income Taxes - Components of Pr

Income Taxes - Components of Provision for (Benefit from) Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current
U.S. federal	$ 2,011	$ 1,190	$ 2,518
U.S. state and local	660	542	442
Current income tax expense (benefit)	3,915	3,046	3,759
Deferred
U.S. federal	8	(295)	(803)
U.S. state and local	(6)	(59)	(142)
Deferred income tax expense (benefit)	152	(463)	(849)
Provision for income taxes	4,067	2,583	2,910
U.K.
Current
Non-U.S.	487	267	405
Deferred
Non-U.S.	42	12	55
INDIA
Current
Non-U.S.	243	127	17
Deferred
Non-U.S.	55	(12)	0
Japan
Current
Non-U.S.	115	139	105
Deferred
Non-U.S.	9	(13)	20
Brazil
Current
Non-U.S.	57	437	24
Deferred
Non-U.S.	6	(43)	25
Other
Current
Non-U.S.	342	344	248
Deferred
Non-U.S.	$ 38	$ (53)	$ (4)

Income Taxes - Effective Income

Income Taxes - Effective Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Effective Income Tax Rate Reconciliation, Percent [Abstract]
U.S. federal statutory income tax rate	21%	21%	21%
U.S. state and local income taxes, net of U.S. federal income tax benefits	3%	3.40%	1.80%
Domestic tax credits and tax exempt income	(0.60%)	(1.30%)	(0.90%)
Non-U.S. earnings	1.80%	1.90%	0.60%
Employee share-based awards	(0.60%)	(1.50%)	(1.70%)
Non-taxable income	(1.90%)	(2.30%)	(0.80%)
Other	0.40%	0.70%	0.70%
Effective income tax rate	23.10%	21.90%	20.70%

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Gross deferred tax assets
Net operating loss and tax credit carryforwards	$ 236	$ 255
Employee compensation and benefit plans	2,565	2,636
Allowance for credit losses and other reserves	796	755
Valuation of net trading inventory, investments and receivables	1,808	1,897
Other	223	78
Total deferred tax assets	5,628	5,621
Less: Deferred tax assets valuation allowance	214	211
Deferred tax assets after valuation allowance	5,414	5,410
Gross deferred tax liabilities
Fixed assets	801	772
Intangibles and goodwill	1,931	2,003
Total deferred tax liabilities	2,732	2,775
Net deferred tax assets	$ 2,682	$ 2,635

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Undistributed earnings of foreign subsidiaries	$ 405	$ 302

Income Taxes - Rollforward of U

Income Taxes - Rollforward of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Rollforward of Unrecognized Tax Benefits
Balance at beginning of period	$ 1,244	$ 1,129	$ 971
Increases based on tax positions related to the current period	202	147	256
Increases based on tax positions related to prior periods	132	141	64
Decreases based on tax positions related to prior periods	(52)	(73)	(134)
Decreases related to settlements with taxing authorities	(174)	(79)	(6)
Decreases related to lapse of statute of limitations	(47)	(21)	(22)
Balance at end of period	1,305	1,244	1,129
Net unrecognized tax benefits	$ 1,159	$ 1,090	$ 1,007

Income Taxes - Interest Expense

Income Taxes - Interest Expense (Benefit), Net of Federal and State Income Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Interest Expense (Benefit) Net of Federal and State Income Tax Benefits
Recognized in income statement	$ 92	$ 65	$ 39
Accrued at end of period	$ 255	$ 237	$ 175

Segment, Geographic and Reven_3

Segment, Geographic and Revenue Information - Selected Financial Information by Business Segment (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information
Investment banking		$ 6,705	$ 4,948	$ 5,599
Trading		16,763	15,263	13,928
Investments		824	573	15
Commissions and fees		5,094	4,537	4,938
Asset management		22,499	19,617	19,578
Other		1,265	975	283
Total non-interest revenues		53,150	45,913	44,341
Interest income	[1]	54,135	45,849	21,595
Interest expense	[1]	45,524	37,619	12,268
Net interest		8,611	8,230	9,327
Net revenues		61,761	54,143	53,668
Provision for credit losses		264	532	280
Compensation and benefits		26,178	24,558	23,053
Non-compensation expenses		17,723	17,240	16,246
Total non-interest expenses		43,901	41,798	39,299
Income before provision for income taxes		17,596	11,813	14,089
Provision for income taxes		4,067	2,583	2,910
Net income		13,529	9,230	11,179
Net income applicable to noncontrolling interests		139	143	150
Net income applicable to Morgan Stanley		$ 13,390	$ 9,087	$ 11,029
Pre-tax margin		28%	22%	26%
I/E
Segment Reporting Information
Investment banking		$ (118)	$ (84)	$ (74)
Trading		54	31	53
Investments		0	0	0
Commissions and fees		(289)	(282)	(285)
Asset management		(275)	(229)	(206)
Other		(13)	(11)	(12)
Total non-interest revenues		(641)	(575)	(524)
Interest income		(1,556)	(1,684)	(1,316)
Interest expense		(1,597)	(1,704)	(1,323)
Net interest		41	20	7
Net revenues		(600)	(555)	(517)
Provision for credit losses		0	0	0
Compensation and benefits		0	0	0
Non-compensation expenses		(570)	(520)	(501)
Total non-interest expenses		(570)	(520)	(501)
Income before provision for income taxes		(30)	(35)	(16)
Provision for income taxes		(7)	(8)	(4)
Net income		(23)	(27)	(12)
Net income applicable to noncontrolling interests		0	0	0
Net income applicable to Morgan Stanley		(23)	(27)	(12)
IS | Operating Segments
Segment Reporting Information
Investment banking		6,170	4,578	5,235
Trading		15,967	14,468	14,318
Investments		406	177	(156)
Commissions and fees		2,905	2,540	2,756
Asset management		646	596	580
Other		607	480	(295)
Total non-interest revenues		26,701	22,839	22,438
Interest income		39,332	32,383	13,276
Interest expense		37,953	32,162	11,321
Net interest		1,379	221	1,955
Net revenues		28,080	23,060	24,393
Provision for credit losses		202	401	211
Compensation and benefits		8,669	8,369	8,246
Non-compensation expenses		10,460	9,814	9,221
Total non-interest expenses		19,129	18,183	17,467
Income before provision for income taxes		8,749	4,476	6,715
Provision for income taxes		1,947	884	1,308
Net income		6,802	3,592	5,407
Net income applicable to noncontrolling interests		136	139	165
Net income applicable to Morgan Stanley		$ 6,666	$ 3,453	$ 5,242
Pre-tax margin		31%	19%	28%
WM | Operating Segments
Segment Reporting Information
Investment banking		$ 653	$ 454	$ 438
Trading		733	823	(432)
Investments		85	62	51
Commissions and fees		2,478	2,279	2,467
Asset management		16,501	14,019	13,872
Other		657	513	592
Total non-interest revenues		21,107	18,150	16,988
Interest income		16,247	15,015	9,579
Interest expense		8,934	6,897	2,150
Net interest		7,313	8,118	7,429
Net revenues		28,420	26,268	24,417
Provision for credit losses		62	131	69
Compensation and benefits		15,207	13,972	12,534
Non-compensation expenses		5,411	5,635	5,231
Total non-interest expenses		20,618	19,607	17,765
Income before provision for income taxes		7,740	6,530	6,583
Provision for income taxes		1,852	1,508	1,444
Net income		5,888	5,022	5,139
Net income applicable to noncontrolling interests		0	0	0
Net income applicable to Morgan Stanley		$ 5,888	$ 5,022	$ 5,139
Pre-tax margin		27%	25%	27%
IM | Operating Segments
Segment Reporting Information
Investment banking		$ 0	$ 0	$ 0
Trading		9	(59)	(11)
Investments		333	334	120
Commissions and fees		0	0	0
Asset management		5,627	5,231	5,332
Other		14	(7)	(2)
Total non-interest revenues		5,983	5,499	5,439
Interest income		112	135	56
Interest expense		234	264	120
Net interest		(122)	(129)	(64)
Net revenues		5,861	5,370	5,375
Provision for credit losses		0	0	0
Compensation and benefits		2,302	2,217	2,273
Non-compensation expenses		2,422	2,311	2,295
Total non-interest expenses		4,724	4,528	4,568
Income before provision for income taxes		1,137	842	807
Provision for income taxes		275	199	162
Net income		862	643	645
Net income applicable to noncontrolling interests		3	4	(15)
Net income applicable to Morgan Stanley		$ 859	$ 639	$ 660
Pre-tax margin		19%	16%	15%
[1]amounts have been adjusted to conform with the current period presentation. See Note 2 for additional information.

Segment, Geographic and Reven_4

Segment, Geographic and Revenue Information - Institutional Securities - Investment Banking Revenues (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue from External Customer [Line Items]
Investment banking	$ 6,705	$ 4,948	$ 5,599
Firm Investment banking revenues from contracts with customers	90%	91%	90%
IS | Operating Segments
Revenue from External Customer [Line Items]
Investment banking	$ 6,170	$ 4,578	$ 5,235
IS | Operating Segments | Institutional Securities—Advisory
Revenue from External Customer [Line Items]
Investment banking	2,378	2,244	2,946
IS | Operating Segments | Institutional Securities—Underwriting
Revenue from External Customer [Line Items]
Investment banking	$ 3,792	$ 2,334	$ 2,289

Segment, Geographic and Reven_5

Segment, Geographic and Revenue Information - Trading Revenues by Product Type (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue
Trading revenues	$ 16,763	$ 15,263	$ 13,928
Interest rate
Disaggregation of Revenue
Trading revenues	5,901	4,646	2,808
Foreign exchange
Disaggregation of Revenue
Trading revenues	1,170	1,054	1,585
Equity
Disaggregation of Revenue
Trading revenues	9,005	8,929	7,515
Commodity and other
Disaggregation of Revenue
Trading revenues	2,003	1,624	1,466
Credit
Disaggregation of Revenue
Trading revenues	$ (1,316)	$ (990)	$ 554

Segment, Geographic and Reven_6

Segment, Geographic and Revenue Information - Investment Management Investments Revenues - Net Unrealized Carried Interest (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting [Abstract]
Net cumulative unrealized performance-based fees at risk of reversing	$ 796	$ 787

Segment, Geographic and Reven_7

Segment, Geographic and Revenue Information - Investment Management Asset Management Revenues - Reduction of Fees due to Fee Waivers (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting [Abstract]
Fee waivers	$ 99	$ 93	$ 211

Segment, Geographic and Reven_8

Segment, Geographic and Revenue Information - Other Expenses - Transaction Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting [Abstract]
Transaction taxes	$ 926	$ 866	$ 910

Segment, Geographic and Reven_9

Segment, Geographic and Revenue Information - Net Revenues by Region (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information
Net revenues	$ 61,761	$ 54,143	$ 53,668
Americas
Segment Reporting Information
Net revenues	46,929	41,651	40,117
EMEA
Segment Reporting Information
Net revenues	7,197	6,058	6,811
Asia
Segment Reporting Information
Net revenues	$ 7,635	$ 6,434	$ 6,740

Segment, Geographic and Reve_10

Segment, Geographic and Revenue Information - Income from Continuing Operations before Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information
Income before provision for income taxes	$ 17,596	$ 11,813	$ 14,089
U.S.
Segment Reporting Information
Income before provision for income taxes	12,526	8,334	9,363
Non-U.S.
Segment Reporting Information
Income before provision for income taxes	$ 5,070	$ 3,479	$ 4,726

Segment, Geographic and Reve_11

Segment, Geographic and Revenue Information - Revenue Recognized from Prior Services (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting [Abstract]
Non-interest revenues	$ 1,870	$ 1,778	$ 2,538

Segment, Geographic and Reve_12

Segment, Geographic and Revenue Information - Receivables from Contracts with Customers (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting [Abstract]
Customer and other receivables	$ 2,628	$ 2,339

Segment, Geographic and Reve_13

Segment, Geographic and Revenue Information - Assets by Business Segment (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information
Total	$ 1,215,071	$ 1,193,693
Institutional Securities
Segment Reporting Information
Total	796,608	810,506
Wealth Management
Segment Reporting Information
Total	400,848	365,168
Investment Management
Segment Reporting Information
Total	$ 17,615	$ 18,019

Segment, Geographic and Reve_14

Segment, Geographic and Revenue Information - Assets by Region (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information
Total	$ 1,215,071	$ 1,193,693
Americas
Segment Reporting Information
Total	893,170	832,714
EMEA
Segment Reporting Information
Total	179,187	218,923
Asia
Segment Reporting Information
Total	$ 142,714	$ 142,056

Parent Company - Condensed Inco

Parent Company - Condensed Income Statements and Comprehensive Income Statements (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues
Trading		$ 16,763	$ 15,263	$ 13,928
Other		3,724	4,138	3,591
Total non-interest revenues		53,150	45,913	44,341
Interest income	[1]	54,135	45,849	21,595
Interest expense	[1]	45,524	37,619	12,268
Net interest		8,611	8,230	9,327
Net revenues		61,761	54,143	53,668
Total non-interest expenses		43,901	41,798	39,299
Provision for (benefit from) income taxes		4,067	2,583	2,910
Net income		13,529	9,230	11,179
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments		(422)	(20)	(337)
Change in net unrealized gains (losses) on available-for-sale securities		521	1,098	(4,437)
Change in net debt valuation adjustment		(534)	(1,290)	1,502
Net change in cash flow hedges		(51)	20	(4)
Comprehensive income		13,055	8,951	7,946
Preferred stock dividends and other		590	557	489
Earnings applicable to Morgan Stanley common shareholders		12,800	8,530	10,540
Parent Company
Revenues
Dividends from bank subsidiaries		5,571	5,770	2,875
Dividends from BHC and non-bank subsidiaries		5,229	6,812	8,661
Total dividends from subsidiaries		10,800	12,582	11,536
Trading		(827)	(775)	(1,143)
Other		36	(31)	170
Total non-interest revenues		10,009	11,776	10,563
Interest income		15,739	13,596	5,805
Interest expense		15,377	13,618	6,162
Net interest		362	(22)	(357)
Net revenues		10,371	11,754	10,206
Total non-interest expenses		358	287	252
Income before income taxes		10,013	11,467	9,954
Provision for (benefit from) income taxes		(499)	(520)	(456)
Net income before undistributed gain of subsidiaries		10,512	11,987	10,410
Undistributed (loss) gain of subsidiaries		2,878	(2,900)	619
Net income		13,390	9,087	11,029
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments		(324)	51	(202)
Change in net unrealized gains (losses) on available-for-sale securities		521	1,098	(4,437)
Pensions and other		12	(87)	43
Change in net debt valuation adjustment		(551)	(1,250)	1,449
Net change in cash flow hedges		(51)	20	(4)
Comprehensive income		12,997	8,919	7,878
Preferred stock dividends and other		590	557	489
Earnings applicable to Morgan Stanley common shareholders		$ 12,800	$ 8,530	$ 10,540
[1]amounts have been adjusted to conform with the current period presentation. See Note 2 for additional information.

Parent Company - Condensed Bala

Parent Company - Condensed Balance Sheets (Details) - USD ($) $ / shares in Units, $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Assets
Trading assets	$ 331,884	$ 367,074
Investment securities:
Available-for-sale, fair value	98,608	88,113
Held-to-maturity, fair value	61,071	66,694
Equity investments in subsidiaries:
Other assets	28,228	28,242
Total assets	1,215,071	1,193,693
Liabilities
Trading liabilities at fair value	153,764	151,513
Securities sold under agreements to repurchase from affiliates	50,067	62,651
Other liabilities and accrued expenses	28,220	28,151
Borrowings	288,819	263,732
Total liabilities	1,109,643	1,093,711
Equity
Preferred stock	9,750	8,750
Common stock	20	20
Additional paid-in capital	30,179	29,832
Retained earnings	104,989	97,996
Employee stock trusts	5,103	5,314
Accumulated other comprehensive income (loss)	(6,814)	(6,421)
Common stock held in treasury at cost	(33,613)	(31,139)
Common stock issued to employee stock trusts	(5,103)	(5,314)
Total equity	105,428	99,982	$ 101,231
Total liabilities and equity	1,215,071	1,193,693
Statement of Financial Position Parenthetical Disclosures [Abstract]
Amortized cost	101,960	92,149
Held-to-maturity, fair value	51,203	57,453
Borrowings at fair value	$ 103,332	$ 93,900
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	3,500,000,000	3,500,000,000
Common stock issued (in shares)	2,038,893,979	2,038,893,979
Common stock outstanding (in shares)	1,606,653,706	1,626,828,437	1,675,000,000
Treasury stock (in shares)	432,240,273	412,065,542
Parent Company
Assets
Cash and cash equivalents	$ 19,343	$ 16,881
Trading assets	3,944	4,160
Investment securities:
Available-for-sale, fair value	22,100	21,515
Held-to-maturity, fair value	13,160	15,284
Securities purchased under agreement to resell to affiliates	26,730	24,693
Advances to subsidiaries:
Bank and BHC	37,370	38,550
Non-bank	154,100	139,250
Equity investments in subsidiaries:
Bank and BHC	60,904	58,949
Non-bank	51,100	50,291
Other assets	1,886	2,595
Total assets	390,637	372,168
Liabilities
Trading liabilities at fair value	100	44
Securities sold under agreements to repurchase from affiliates	13,764	20,293
Other liabilities and accrued expenses	3,011	2,539
Borrowings	182,127	176,884
Total liabilities	286,126	273,130
Equity
Preferred stock	9,750	8,750
Common stock	20	20
Additional paid-in capital	30,179	29,832
Retained earnings	104,989	97,996
Employee stock trusts	5,103	5,314
Accumulated other comprehensive income (loss)	(6,814)	(6,421)
Common stock held in treasury at cost	(33,613)	(31,139)
Common stock issued to employee stock trusts	(5,103)	(5,314)
Total equity	104,511	99,038
Total liabilities and equity	390,637	372,168
Statement of Financial Position Parenthetical Disclosures [Abstract]
Amortized cost	22,557	22,164
Held-to-maturity, fair value	12,050	14,093
Borrowings at fair value	$ 12,814	$ 13,404
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Treasury stock (in shares)	432,240,273	412,065,542
Parent Company | Related Party
Liabilities
Payables to and advances from subsidiaries	$ 87,124	$ 73,370
Parent Company | Asset Pledged as Collateral
Statement of Financial Position Parenthetical Disclosures [Abstract]
Amortized cost	11,816	10,179
Held-to-maturity, fair value	$ 1,715	$ 10,010

Parent Company - Condensed Cash

Parent Company - Condensed Cash Flow Statements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Condensed Financial Statement
Net cash provided by (used for) operating activities	$ 1,362	$ (33,536)	$ (6,397)
Cash flows from investing activities
Purchases	(35,327)	(23,078)	(24,602)
Proceeds from sales	5,728	5,929	22,014
Proceeds from paydowns and maturities	21,089	14,316	13,435
Purchases	(3,860)	0	(5,231)
Proceeds from paydowns and maturities	10,475	8,143	9,829
Net cash provided by (used for) investing activities	(29,460)	(3,084)	(11,632)
Cash flows from financing activities
Issuance of preferred stock, net of issuance costs	995	0	994
Proceeds from issuance of Borrowings	108,365	78,424	72,460
Payments for borrowings	(80,230)	(64,805)	(34,898)
Payments for repurchases of common stock and employee tax withholdings	(4,199)	(6,178)	(10,871)
Payments for cash dividends	(6,138)	(5,763)	(5,401)
Net cash provided by (used for) financing activities	46,756	(2,726)	22,714
Effect of exchange rate changes on cash and cash equivalents	(2,504)	451	(4,283)
Net increase (decrease) in cash and cash equivalents	16,154	(38,895)	402
Cash and cash equivalents, at beginning of period	89,232	128,127	127,725
Cash and cash equivalents, at end of period	105,386	89,232	128,127
Cash and cash equivalents:
Cash and due from banks	4,436	7,323
Supplemental Disclosure of Cash Flow Information
Cash payments for interest	46,359	41,940	9,819
Cash payments for income taxes, net of refunds	1,885	2,035	4,147
Parent Company
Condensed Financial Statement
Net cash provided by (used for) operating activities	10,688	24,914	(13,064)
Cash flows from investing activities
Purchases	(7,806)	(9,362)	(1,855)
Proceeds from sales	0	300	676
Proceeds from paydowns and maturities	7,444	5,479	3,814
Purchases	(1,729)	0	(4,228)
Proceeds from paydowns and maturities	4,402	4,003	3,434
Securities purchased under agreements to resell with affiliates	(2,037)	(1,706)	(1,871)
Securities sold under agreements to repurchase with affiliates	(6,529)	(8,389)	11,755
Advances to and investments in subsidiaries	(15,191)	(10,097)	(10,574)
Net cash provided by (used for) investing activities	(21,446)	(19,772)	1,151
Cash flows from financing activities
Issuance of preferred stock, net of issuance costs	995	0	994
Proceeds from issuance of Borrowings	33,385	23,783	34,431
Payments for borrowings	(24,500)	(22,554)	(14,441)
Payments for repurchases of common stock and employee tax withholdings	(4,161)	(6,178)	(10,871)
Payments for cash dividends	(6,138)	(5,763)	(5,401)
Net change in advances from subsidiaries	13,839	(3,029)	16,707
Net cash provided by (used for) financing activities	13,420	(13,741)	21,419
Effect of exchange rate changes on cash and cash equivalents	(200)	147	485
Net increase (decrease) in cash and cash equivalents	2,462	(8,452)	9,991
Cash and cash equivalents, at beginning of period	16,881	25,333	15,342
Cash and cash equivalents, at end of period	19,343	16,881	25,333
Cash and cash equivalents:
Cash and due from banks		107	75
Deposits with bank subsidiaries	19,277	16,774	25,258
Restricted cash	1,086	1,086	836
Supplemental Disclosure of Cash Flow Information
Cash payments for interest	15,971	14,437	5,955
Cash payments for income taxes, net of refunds	798	599	3,132
Settlements received from subsidiaries	$ 1,600	$ 1,600	$ 2,600

Parent Company - Parent Company

Parent Company - Parent Company's Borrowings with Original Maturities Greater than One Year (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Senior	$ 270,594	$ 248,174
Subordinated	13,713	12,370
Total	284,307	260,544
Parent Company
Debt Instrument [Line Items]
Senior	168,413	164,514
Subordinated	13,713	12,370
Total	$ 182,126	$ 176,884

Parent Company - Guarantees (De

Parent Company - Guarantees (Details) - Parent Company - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Debt Instuments and Warrants
Condensed Financial Statement
Aggregate balance	$ 70,662	$ 60,942
Property Lease Guarantee
Condensed Financial Statement
Aggregate balance	$ 628	$ 632